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    Social Security, Social Welfare and the Aging Population

    Pecchenino, Rowena A. and Utendorf, Kelvin R. (1999) Social Security, Social Welfare and the Aging Population. Journal of Population Economics, 12 (4). pp. 607-623. ISSN 0933-1433

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    This study examines the effects of pay-as-you-go social security programs in aging economies when the middle-aged both educate their dependent children and subsidize the retirement of the old. Using an overlapping generations framework in which agents are three-period lived but timing of death in the third period is uncertain, we analyze the effects of social security tax schemes, under various demographic assumptions, on capital accumulation, education expenditures, social welfare, and economic growth. We find that in many cases social security crowds out education, and reduces economic growth and social welfare.

    Item Type: Article
    Additional Information: Preprint version of original published article. The original publication is available at Pecchenino is grateful for the hospitality of the International Centre for Economic Research, Turin, Italy, where much of the work was accomplished. We are also grateful to the seminar participants at Michigan State University, the Universitá di Torino, and the University of Western Ontario for their comments. All remaining errors are the authors’ alone.
    Keywords: Social Security; Education; Endogenous growth; Social Welfare; Aging; Population;
    Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
    Item ID: 2796
    Depositing User: Prof. Rowena Pecchenino
    Date Deposited: 26 Oct 2011 14:40
    Journal or Publication Title: Journal of Population Economics
    Publisher: Springer Verlag
    Refereed: No
    Use Licence: This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available here

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