The international spillover effects of pension reform |
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Authors: | Yvonne Adema Lex Meijdam Harrie A A Verbon |
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Institution: | (1) Department of Economics, CentER, and Netspar, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, The Netherlands;(2) Department of Economics, CentER, Netspar, and CESifo, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, The Netherlands |
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Abstract: | This paper explores how pension reforms in countries with PAYG schemes affect countries with funded systems. We use a two-country
two-period overlapping-generations model, where the countries only differ in their pension systems. We distinguish between
the case where a reform potentially leads to a Pareto improvement in the PAYG country, and where this is impossible. In the
latter case, the funded country shares both in the costs and the benefits of the reform. However, if a Pareto-improving pension
reform is feasible in the PAYG country, a Pareto improvement in the funded country is not guaranteed. |
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