Aging, Pensions, and Growth

Tetsuo Ono

FinanzArchiv: Public Finance Analysis, 2017, vol. 73, issue 2, 163-189

Abstract: This study presents an endogenous-growth overlapping-generations model featuring probabilistic voting over public pensions. The analysis shows that (i) the pension---GDP ratio increases as life expectancy increases in the presence of an annuity market, while it may show a hump-shaped pattern in its absence; (ii) the growth rate is higher in the presence of an annuity market than in its absence, but its presence implies an intergenerational trade-off in terms of utility.

Keywords: economic growth; population aging; probabilistic voting; public pensions; annuity market (search for similar items in EconPapers)
JEL-codes: D70 E24 H55 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (2)

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Working Paper: Aging, Pensions, and Growth (2016)
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DOI: 10.1628/001522108X14877521353519

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