Pension Reforms, Assets Returns and Wealth Distribution

Falilou Fall

Annals of Economics and Statistics, 2007, issue 85, 81-96

Abstract: Does a pension reform exacerbate inequality in modern economies? We show that the PAYg system generates more inequality and decreases the interest rate. Our paper points out the importance of the heterogeneity of assets earnings and the unequal access that individuals have to them. In this context, the PAYg pension system generates more constrained-poor agents and a lower interest rate. The rich agents benefit from the reform at the expense of poor agents.

Date: 2007
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Working Paper: Pension reform, assets returns and wealth distribution (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:adr:anecst:y:2007:i:85:p:81-96

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