TY  - UNPD
A1  - Krueger, Dirk
A1  - Kubler, Felix
T1  - Pareto improving social security reform when financial markets are incomplete!?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2005,12
N2  - This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired households with claims to labor income enhances the sharing of aggregate risk between generations. Our quantitative analysis shows that, abstracting from the capital crowding-out effect, the introduction of social security represents a Pareto improving reform, even when the economy is dynamically effcient. However, the severity of the crowding-out effect in general equilibrium tends to overturn these gains. Klassifikation: E62, H55, H31, D91, D58 . April 2005.
T3  - CFS working paper series - 2005, 12 
KW  - Social Security Reform
KW  - Aggregate Fluctuations
KW  - Intergenerational Risk Sharing
KW  - Incomplete Markets
KW  - Sozialversicherung
KW  - Reform
Y1  - 2005
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/4404
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-10881
IS  - April 2005
ER  -