International Welfare Spillovers of National Pension Schemes-Reference-Cited by-同舟云学术

International Welfare Spillovers of National Pension Schemes

Published:2020-07-13 Issue:1 Volume:21 Page:363-397
ISSN:1935-1690
Container-title:The B.E. Journal of Macroeconomics
language:en
Short-container-title:

Author:

Staveley-O’Carroll James¹,Staveley-O’Carroll Olena M.²

Affiliation:

1. Economics Division , Babson College , Westgate Hall, 231 Forest Street , Babson Park , MA 02457 USA

2. Department of Economics and Accounting , College of the Holy Cross , One College Street , Worcester , MA 01610 , USA

Abstract

Abstract We employ a two-country overlapping-generations model to explore the international dimension of household portfolio choices induced by the asymmetric provision of government-run pensions. We study the resulting patterns of risk-sharing and the corresponding welfare effects on both home and foreign agents. Introducing the defined benefits pay-as-you-go system at home increases the welfare of all other agents at the expense of the home workers and improves the degree of intergenerational risk sharing abroad. Conversely, a defined contributions system leads to welfare losses of both home cohorts accompanied by gains abroad, but does increase the extent of intergenerational risk sharing at home.

Publisher

Walter de Gruyter GmbH

Subject

Economics and Econometrics

Link

https://www.degruyter.com/document/doi/10.1515/bejm-2019-0207/pdf

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