Retraites par capitalisations et par répartition selon le contexte démographique: quelques résultats comparatifs

Didier Blanchet

Annals of Economics and Statistics, 1990, issue 18, 63-90

Abstract: This paper compares the properties of funded and pay-as-you-go pension systems in a growth model with two overlapping generations and two classes. We discuss the impact of funding on capital formation, the optimal shares of the two systems according to the population growth rate and the behaviours of pure funding and pure pay-as-you-go in a non-stable population. It is shown that, under the assumptions of the model, it is rather with demographic growth that a fully-funded system is to be preferred, and that the share of unfunded pensions should increase rather than decrease when the population growth rate declines. Furthermore, in a non-stable population, it is shown that funding has the perverse outcome of increasing intergenerational inequality at the expense of large cohorts.

Date: 1990
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:1990:i:18:p:63-90

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