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It is argued that a PAYGO system may have useful allocative functions in that it serves as an insurance against not having children and as an enforcement device for 'rotten kids' who are unwilling to pay their parents a pension. It is true that the system has a moral hazard effect in terms of...
Persistent link: https://www.econbiz.de/10005498192
failure that may lead to inefficiently low equilibrium fertility and therefore to a need for government intervention. The …) model with fertility choice and altruism, and model ownership by introducing a minimum constraint on transfers from parents … transfer floor is binding, fertility choices are inefficient. We show how this inefficiency relates to dynamic inefficiency in …
Persistent link: https://www.econbiz.de/10008468613
In this Paper, we study the role of subsidies to fertility in ensuring the political viability of unfunded social … older generations, and in turn choose current levels of fertility subsidies, and future levels of social security benefits … converge to a steady state lower than simple extrapolation of current trends would imply, and fertility will rebound with the …
Persistent link: https://www.econbiz.de/10005123867
This paper studies the design of pension schemes in a society where fertility is endogenous and parents differ in their …, fertility must be subsidized at the margin to correct for the externality that accompanies fertility. In a world of asymmetric … offsetting tax on fertility depending on whether the redistribution is towards people with more or less children. In the former …
Persistent link: https://www.econbiz.de/10005792304
predicts lower future pensions to reduce fertility, while the 'old-age security' to increase it. Our empirical analysis … identifies a clear and robust positive effect of less generous future pensions on post-reform fertility. These findings are … consistent with 'old-age security' even for contemporary fertility. …
Persistent link: https://www.econbiz.de/10005792505
In the last century most countries have experienced both an increase in pension spending and a decline in fertility. We … argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility … children, thus relaxing financial (saving) constraints and reducing fertility. We build a simple two-period OLG model to show …
Persistent link: https://www.econbiz.de/10005123857
We explore intergenerational and international risk sharing in a general equilibrium multiple-country model with two-tier pensions systems. The exact design of the funded tier is key for the way in which risks are shared over the various generations. The laissez-faire market solution fails to...
Persistent link: https://www.econbiz.de/10005662023
a gender wage gap, associated with lower female labour force participation rates and higher fertility. This paper … presents a growth model where saving, fertility and labour market participation are endogenously determined, and there is wage … through an increase in fertility. We find that for several countries a large fraction of the actual difference in output per …
Persistent link: https://www.econbiz.de/10005504328
increasingly important, emerging as a widely used step on the path to marriage. Out-of-wedlock fertility has also risen, consistent … pill and women’s control over their own fertility; sharp changes in wage structure, including a rise in inequality and …
Persistent link: https://www.econbiz.de/10005662232
the rise in the demand for human capital in the process of development was the main trigger for the decline in fertility …
Persistent link: https://www.econbiz.de/10008854471