Aging, Social Security Design, and Capital Accumulation

Dedry, Antoine ; Onder, Harun ; Pestieau, Pierre

World Bank, Washington, DC

关键词: DEFINED CONTRIBUTIONS;    CAPITAL MARKETS;    ECONOMIC GROWTH;    PRODUCTION;    CAPITAL ACCUMULATION;   

DOI  :  10.1596/1813-9450-7418
RP-ID  :  WPS7418

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

This paper analyzes the impact of agingon capital accumulation and welfare in a country with asizable unfunded social security system. Using a two-periodoverlapping generation model with endogenous retirementdecisions, the paper shows that the type of aging and thetype of unfunded social security system are important inunderstanding this impact. The analysis compares two typesof demographic changes, declining fertility and increasinglongevity; three types of pensions, defined contributions,defined benefits, and defined annuities; as well asmandatory and optimal retirement systems to investigate thedifferences in implications of aging.