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Growth and equality effects of pension plans

Frédéric Docquier () and Oliver Paddison

No 2000036, CORE Discussion Papers from Université catholique de Louvain, Center for Operations Research and Econometrics (CORE)

Abstract: We investigate the balanced growth effects of pension plans on the rate of growth and on equalityin a closed economy where individual decisions about education are the engine of growth. We distinguish between pay-as-you-go and fully-funded pension systems and differentiate between three different benefit rules: a Beveridgean one (benefits are identical for all agents), a Bismarckian (earnings related) one depending on one's entire earnings history or a Bismarckian one depending on one's partial earnings history. Interestingly, in the latter case the steady state rate of growth is increasing in the rate of contributions.

Keywords: Public Pensions; Education; Growth; Inequality. (search for similar items in EconPapers)
JEL-codes: H55 I22 O41 D63 (search for similar items in EconPapers)
Date: 2000-07
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