Disparities in pension systems and financial flows among European countries

Jean Chateau (), Xavier Chojnicki and Riccardo Magnani

Journal of Pension Economics and Finance, 2009, vol. 8, issue 1, 1-33

Abstract: We present a quantitative analysis of the impact of differential ageing and pension reforms on capital and labor market and, in particular, on intra-European capital flows. To this end, we develop a stylized general equilibrium model with overlapping generations of heterogeneous agents for the three largest European countries: France, Germany and the United Kingdom. The model presents a structure halfway between pure general equilibrium models with rigorous microeconomic foundations and accounting models where the macroeconomic environment remains exogenous. We show that the dynamics of capital accumulation and pension system sustainability are totally different depending on the assumption concerning economic openness. Finally, in the long run, resorting to debt financing seems to be a dead end to finance retirement systems.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:cup:jpenef:v:8:y:2009:i:01:p:1-33_00

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