Song, Zheng and Storesletten, Kjetil and Wang, Yikai and Zilibotti, Fabrizio (2015) Sharing High Growth across Generations: Pensions and Demographic Transition in China. American Economic Journal: Macroeconomics, 7 (2). pp. 1-39. DOI https://doi.org/10.1257/mac.20130322
Song, Zheng and Storesletten, Kjetil and Wang, Yikai and Zilibotti, Fabrizio (2015) Sharing High Growth across Generations: Pensions and Demographic Transition in China. American Economic Journal: Macroeconomics, 7 (2). pp. 1-39. DOI https://doi.org/10.1257/mac.20130322
Song, Zheng and Storesletten, Kjetil and Wang, Yikai and Zilibotti, Fabrizio (2015) Sharing High Growth across Generations: Pensions and Demographic Transition in China. American Economic Journal: Macroeconomics, 7 (2). pp. 1-39. DOI https://doi.org/10.1257/mac.20130322
Abstract
We analyze intergenerational redistribution in emerging economies with the aid of an overlapping generations model with endogenous labor supply. Growth is initially high but declines over time. A version of the model calibrated to China is used to analyze the welfare effects of alternative pension reforms. Although a reform of the current system is necessary to achieve financial sustainability, delaying its implementation implies large welfare gains for the (poorer) current generations, imposing only small costs on (richer) future generations. In contrast, a fully funded reform harms current generations, with small gains to future generations.
Item Type: | Article |
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Divisions: | Faculty of Social Sciences Faculty of Social Sciences > Economics, Department of |
SWORD Depositor: | Unnamed user with email elements@essex.ac.uk |
Depositing User: | Unnamed user with email elements@essex.ac.uk |
Date Deposited: | 22 Oct 2020 15:30 |
Last Modified: | 30 Oct 2024 20:35 |
URI: | http://repository.essex.ac.uk/id/eprint/28942 |
Available files
Filename: mac.20130322.pdf