Generalised Social Security Finance in a Two-Country World
Michael Bräuninger ()
Scottish Journal of Political Economy, 1999, vol. 46, issue 3, 287-302
This paper develops an overlapping generations model with generalised finance of social security in a two-country world. Social security finance includes a pay-as-you-go, a fully funded, and an optimal system as special cases. An increase in social security funding of country 1 increases capital, income and consumption per head in both countries. Also, it increases foreign assets in country 1 and foreign debt in country 2. The optimal level of social security funding is below the golden rule level. During adjustment an increase in funding has negative effects on country 1 and positive effects on country 2. Copyright 1999 by Scottish Economic Society.
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