ON THE POSSIBILITY OF PARETO‐IMPROVING PENSION REFORM*

Tatiana Damjanovic ()

Manchester School, 2006, vol. 74, issue 6, 711-724

Abstract: The aim of this paper is twofold. First, it provides a simple framework for the analyses of the transitions between two steady states with different fiscal policies. This allows us to clarify the existing results on the possibility of Pareto‐improving transitions from pay‐as‐you‐go to fully funded pension systems. We show that the reduction in the marginal tax rate is a sufficient condition for the possibility of such pension reforms. Second, the paper investigates the features and the duration of the shortest Pareto‐improving pension reform in an open economy.

Date: 2006
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