In this paper we investigate the possibility of pareto improving social security reforms within a framework of endogenous growth. Belan et al. proposed a transition from a pay-as-you-go(PAYG) pension system to a syste...In this paper we investigate the possibility of pareto improving social security reforms within a framework of endogenous growth. Belan et al. proposed a transition from a pay-as-you-go(PAYG) pension system to a system of saving-subsidization. We follow this approach and prove that a pareto improving conversion from the PAYG system to a fully funded system is possible and discuss the problem of implementing the transition to the fully funded system.展开更多
Pension funds remain scarce no matter what institutional design is adopted. China has a host of unique issues facing its pension system,issues that must be confronted; for instance,the disappearance of its demographic...Pension funds remain scarce no matter what institutional design is adopted. China has a host of unique issues facing its pension system,issues that must be confronted; for instance,the disappearance of its demographic dividends and legacy costs incurred due to institutional transition. Such features determine that China’s pension system is merely passable at the present time. In this article,Professor Cai Fang offers new and incisive perspectives on this issue,such as the potential stimulus for economic growth by ageing people’s desire to save money for old-age provisions.展开更多
内容本文研究了一个存在股权交易的代际交叠模型中,国有股权型社会保障政策对经济长期均衡状态的影响。研究表明,在合理的参数设置下,国有股权型社会保障政策可以促进年轻人对资本积累的贡献,增加经济的均衡产出,提高年轻人和老年人的...内容本文研究了一个存在股权交易的代际交叠模型中,国有股权型社会保障政策对经济长期均衡状态的影响。研究表明,在合理的参数设置下,国有股权型社会保障政策可以促进年轻人对资本积累的贡献,增加经济的均衡产出,提高年轻人和老年人的均衡消费;而一个向年轻人征收社会保障税补贴老年人的现收现付制社会保障税政策(PAYG,pay as you go)是劣于这种国有股权型社会保障政策的。模型的结论对中国社会保障事业发展以及国有股的减持和转持政策有一定的指导意义。展开更多
This paper reviews the development of the urban and rural old age security system in China, and discusses the challenges in the process of constructing a sustained old age security system. Althoughfunding gaps and emp...This paper reviews the development of the urban and rural old age security system in China, and discusses the challenges in the process of constructing a sustained old age security system. Althoughfunding gaps and empty individual accounts have imposed a heavy burden on the sustainability of China ＇s urban pension system, there is a relatively high coverage rate of 35.3 percent for urban workers. However, China＇s pension system provides low coverage ratefor rural farmers. The more rapidly aging population and lower incomes in rural areas pose challenges to the vulnerable rural househoM support system. The separation of the oM age security system between rural and urban areas also puts great pressure as a result of urbanization on farmers who lose their farmland. Therefore, it is urgent for China to speed up the reform o fits old age security system to provide an institutional support for its economic and social transition.展开更多
This paper proposes and investigates an optimal pair investment/pension policy for a pay-as-you-go(PAYG)pension scheme.The social planner can invest in a buffer fund in order to guarantee a minimal pension amount.The ...This paper proposes and investigates an optimal pair investment/pension policy for a pay-as-you-go(PAYG)pension scheme.The social planner can invest in a buffer fund in order to guarantee a minimal pension amount.The model aims at taking into account complex dynamic phenomena such as the demographic risk and its evolution over time,the time and age dependence of agents preferences,and financial risks.The preference criterion of the social planner is modeled by a consistent dynamic utility defined on a stochastic domain,which incorporates the heterogeneity of overlapping generations and its evolution over time.The preference criterion and the optimization problem also incorporate sustainability,adequacy and fairness constraints.The paper designs and solves the social planner's dynamic decision criterion,and computes the optimal investment/pension policy in a general framework.A detailed analysis for the case of dynamic power utilities is provided.展开更多
文摘In this paper we investigate the possibility of pareto improving social security reforms within a framework of endogenous growth. Belan et al. proposed a transition from a pay-as-you-go(PAYG) pension system to a system of saving-subsidization. We follow this approach and prove that a pareto improving conversion from the PAYG system to a fully funded system is possible and discuss the problem of implementing the transition to the fully funded system.
文摘Pension funds remain scarce no matter what institutional design is adopted. China has a host of unique issues facing its pension system,issues that must be confronted; for instance,the disappearance of its demographic dividends and legacy costs incurred due to institutional transition. Such features determine that China’s pension system is merely passable at the present time. In this article,Professor Cai Fang offers new and incisive perspectives on this issue,such as the potential stimulus for economic growth by ageing people’s desire to save money for old-age provisions.
文摘内容本文研究了一个存在股权交易的代际交叠模型中,国有股权型社会保障政策对经济长期均衡状态的影响。研究表明,在合理的参数设置下,国有股权型社会保障政策可以促进年轻人对资本积累的贡献,增加经济的均衡产出,提高年轻人和老年人的均衡消费;而一个向年轻人征收社会保障税补贴老年人的现收现付制社会保障税政策(PAYG,pay as you go)是劣于这种国有股权型社会保障政策的。模型的结论对中国社会保障事业发展以及国有股的减持和转持政策有一定的指导意义。
文摘This paper reviews the development of the urban and rural old age security system in China, and discusses the challenges in the process of constructing a sustained old age security system. Althoughfunding gaps and empty individual accounts have imposed a heavy burden on the sustainability of China ＇s urban pension system, there is a relatively high coverage rate of 35.3 percent for urban workers. However, China＇s pension system provides low coverage ratefor rural farmers. The more rapidly aging population and lower incomes in rural areas pose challenges to the vulnerable rural househoM support system. The separation of the oM age security system between rural and urban areas also puts great pressure as a result of urbanization on farmers who lose their farmland. Therefore, it is urgent for China to speed up the reform o fits old age security system to provide an institutional support for its economic and social transition.
基金The authors's research is part of the ANR project DREAMeS(ANR-21-CE46-0002)The research of Sarah Kaakai is Funded by the European Union(ERC,SINGER,101054787)。
文摘This paper proposes and investigates an optimal pair investment/pension policy for a pay-as-you-go(PAYG)pension scheme.The social planner can invest in a buffer fund in order to guarantee a minimal pension amount.The model aims at taking into account complex dynamic phenomena such as the demographic risk and its evolution over time,the time and age dependence of agents preferences,and financial risks.The preference criterion of the social planner is modeled by a consistent dynamic utility defined on a stochastic domain,which incorporates the heterogeneity of overlapping generations and its evolution over time.The preference criterion and the optimization problem also incorporate sustainability,adequacy and fairness constraints.The paper designs and solves the social planner's dynamic decision criterion,and computes the optimal investment/pension policy in a general framework.A detailed analysis for the case of dynamic power utilities is provided.
