Intergenerational Transfers and Growth

Giancarlo Marini and Pasquale Scaramozzino

No 74, Working Papers from Department of Economics, SOAS University of London, UK

Abstract: This paper shows that, when the supply side dynamics is modelled along the lines suggested by the endogenous growth literature, it is possible that properly designed unfunded schemes would promote growth. The reduction in savings when an intergenerational transfer programme is introduced has a negative impact on capital accumulation and output. However, in the long run the saving rate will be greater than in the absence of social security, and this could lead to increased well-being for future generations. Social security can thus positively contribute to long-run capital accumulation.

Pages: 13 pages
Date: 1997-10
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Chapter: Intergenerational Transfers and Growth (2003)
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