Social security,social welfare and the aging population |
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Authors: | Pecchenino R A Utendorf K R |
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Institution: | (1) Department of Economics, Michigan State University, East Lansing, MI 48824, USA (Fax: +1-517-432-1068; e-mail: rowenap@pilot.msu.edu), US;(2) Woodbridge, VA 22192, USA (Fax: +1-703-492-0709; e-mail: kruman@radix.net), US |
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Abstract: | This study examines the effects of pay-as-you-go social security programs in aging economies when the middle-aged both educate
their dependent children and subsidize the retirement of the old. Using an overlapping generations framework in which agents
are three-period lived but timing of death in the third period is uncertain, we analyze the effects of social security tax
schemes, under various demographic assumptions, on capital accumulation, education expenditures, social welfare, and economic
growth. We find that in many cases social security crowds out education, and reduces economic growth and social welfare.
Received: 29 April 1998/Accepted: 3 March 1999 |
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Keywords: | JEL classification: D9 H2 I2 |
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