No. 2002-24 GENERAL-EQUILIBRIUM EFFECTS OF PRIVATISATION: THE MISSING PIECE IN SOCIAL SECURITY REFORM
نویسندگان
چکیده
This paper analyses the e¤ects of reducing unfunded social security in a closed economy that consists of a service sector and a commodity sector. It is shown that if old agents mainly demand labour intensive services, a modest decrease of the pay-as-you-go pension scheme still raises long-run utility as long as the economy is dynamically e¢cient. However, entirely privatising the social security system will sooner lead to dynamic ine¢ciency than in the conventional one-sector model, leading to a di¤erent conclusion about the desirability of unfunded pensions. JEL classi...cation: D91, E60, H55, J14
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