Social Security Policy with Public Debt in an Aging Economy

Tetsuo Ono, 哲生 小野 and テツオ オノ

No 107, Discussion Paper from Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University

Abstract: This paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the payment. In the model presented below, an economy with an aging population may achieve two dynamically inefficient equilibria. Under certain conditions, the effects of pension reform and population aging on capital accumulation are entirely different between the two equilibria.

Keywords: Population aging; Social security; Pension reform; Public debt; Economic growth; Overlapping generations (search for similar items in EconPapers)
JEL-codes: D91 E62 H55 H63 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2002-08
Note: June 4, 2002
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Journal Article: Social security policy with public debt in an aging economy (2003)
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Persistent link: https://EconPapers.repec.org/RePEc:hit:piedp1:107

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