EconPapers    
Economics at your fingertips  
 

Pensions and Savings in a Monetary Union: an Analysis of Capital Flows

Alain Jousten and Florence Legros

No 3509, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: We analyse the economic impact of a simultaneous aging shock in two countries. The countries are identical in all respects except the financing scheme of their public pension system. While one relies on capitalization, the other one relies on a pay-as-you-go scheme. We show that the two countries react very differently to the demographic shock and its financial implications. Further, we find that the presence or the absence of capital mobility considerably affects the results, both in terms of the size of the burden as in terms of international capital allocation.

Keywords: Social security; Ageing; International factor mobility (search for similar items in EconPapers)
JEL-codes: F21 H55 (search for similar items in EconPapers)
Date: 2002-08
New Economics Papers: this item is included in nep-cba, nep-ifn, nep-lab and nep-mac
References: View complete reference list from CitEc
Citations: View citations in EconPapers (4)

Downloads: (external link)
https://cepr.org/publications/DP3509 (application/pdf)
CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org

Related works:
Chapter: Pensions and Savings in a Monetary Union: An Analysis of Capital Flows (2005) Downloads
Working Paper: Pensions and Savings in a Monetary Union: an Analysis of Capital Flows (2002) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:3509

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP3509

Access Statistics for this paper

More papers in CEPR Discussion Papers from C.E.P.R. Discussion Papers Centre for Economic Policy Research, 33 Great Sutton Street, London EC1V 0DX.
Bibliographic data for series maintained by ().

 
Page updated 2025-03-19
Handle: RePEc:cpr:ceprdp:3509