Aging, Pensions, and Growth

Tetsuo Ono

No 14-17-Rev.2, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

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

Keywords: Economic Growth; Population Aging; Probabilistic Voting; Public Pension; Annuity Market (search for similar items in EconPapers)
JEL-codes: D70 E24 H55 (search for similar items in EconPapers)
Pages: 30 pages
Date: 2014-04, Revised 2016-12
New Economics Papers: this item is included in nep-age, nep-dge, nep-fdg, nep-gro, nep-mac and nep-net
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Journal Article: Aging, Pensions, and Growth (2017)
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