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Pareto-Improving Social Security Reform
Authors:Pascal Belan  Philippe Michel  Pierre Pestieau
Affiliation:1. CREST, INSEE, Paris, France
2. GREQAM, University of the Mediterranian, IUF and CORE, USA
3. CREPP, Université de Liège and CORE, Université de Louvain;, 7, Boulevard du Rectorat, Liège, 4000, Belgium
Abstract:It is generally accepted that moving from an unfunded to a funded social security system implies a welfare loss for the transition generation—that is, the generation that has to pay twice: first, saving for its own retirement and, second, contributing to the pensions of the then retired generation. This article shows that in a setting of endogenous growth with positive externality such a transition can be Pareto improving. But it argues also that social security reform is more a pretext than a requirement for internalizing such a positive externality.
Keywords:
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