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- Title
International Welfare Spillovers of National Pension Schemes.
- Authors
Staveley-O'Carroll, James; Staveley-O'Carroll, Olena M.
- 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.
- Subjects
SHARED housing; RISK sharing; PENSIONS
- Publication
B.E. Journal of Macroeconomics, 2021, Vol 21, Issue 1, p363
- ISSN
2194-6116
- Publication type
Article
- DOI
10.1515/bejm-2019-0207