Social security policy with public debt in an aging economy

Tetsuo Ono

Journal of Population Economics, 2003, vol. 16, issue 2, 363-387

Abstract: This paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the payment. In the model presented below, an economy with an aging population may achieve two dynamically inefficient equilibria. Under certain conditions, the effects of pension reform and population aging on capital accumulation are entirely different between the two equilibria. Copyright Springer-Verlag Berlin Heidelberg 2003

Keywords: JEL classification: D91; E62; H55; H63; Key words: Population aging; social security; pension reform; public debt; economic growth; overlapping generations (search for similar items in EconPapers)
Date: 2003
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Citations: View citations in EconPapers (16)

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DOI: 10.1007/s001480300148

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