Arbeitspapier
Privatizing Social Security Under Balanced-Budget Constraints: A Political-Economy Approach
The aging of the population shakes the public finance of pay-as-you-go social security systems. We develop a political-economy framework in which this demographic change leads to the downsizing of the social security system, and, as a consequence, to the emergence of supplemental individual retirement programs. Making the balanced-budget rule (of the type of the Stability and Growth Pact in the EU) more flexible, to accommodate a one-shot cost of the social security reforms, is shown to facilitate the political-economy transition from a national to a private pension system, through an endogenously determined shift in the political-economy equilibrium
- Language
-
Englisch
- Bibliographic citation
-
Series: CESifo Working Paper ; No. 1039
- Classification
-
Wirtschaft
- Event
-
Geistige Schöpfung
- (who)
-
Razin, Assaf
Sadka, Efraim
- Event
-
Veröffentlichung
- (who)
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Center for Economic Studies and ifo Institute (CESifo)
- (where)
-
Munich
- (when)
-
2003
- Handle
- Last update
-
10.03.2025, 11:45 AM CET
Data provider
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ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Razin, Assaf
- Sadka, Efraim
- Center for Economic Studies and ifo Institute (CESifo)
Time of origin
- 2003
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