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Unemployment, public pensions and capital accumulation: Assessing growth effects of alternative funding strategies

Thøgersen, Joachim
Journal article, Peer reviewed
Postprint version of article published by mohr siebeck. original available at u r l: http://dx.doi.org/10.1628/093245610793102170
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URI
https://hdl.handle.net/10642/541
Date
2010
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Original version
Thøgersen, J. (2010). Unemployment, public pensions and capital accumulation: Assessing growth effects of alternative funding strategies. Journal of Institutional and Theoretical Economics, 166 (3), 502-520   http://dx.doi.org/10.1628/093245610793102170
Abstract
The paper develops an overlapping-generations model that interacts with a labor

market characterized by equilibrium unemployment. This structure implies that

young individuals can be in two different states, employed or unemployed. Hence,

the social security system contains both old-age benefits and unemployment insurance.

Including these features, themodel seeks to assess growth effects of three

different pension systems: one unfunded and two funded, where the distinction is

made between actuarial and nonactuarial funding strategies. It is shown that both

funded systems generate higher growth than an unfunded system. Moreover, the

actuarial system fosters higher growth than the nonactuarial.
Publisher
Mohr Siebeck
Series
Journal of Institutional and Theoretical Economics;166 (3)

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