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Medientyp:
E-Artikel
Titel:
Why Child Allowances Fail to Solve the Pension Problem of Aging Societies
Beteiligte:
Stauvermann, Peter J.;
Wernitz, Frank
Erschienen:
MDPI AG, 2019
Erschienen in:
Economies, 7 (2019) 4, Seite 117
Sprache:
Englisch
DOI:
10.3390/economies7040117
ISSN:
2227-7099
Entstehung:
Anmerkungen:
Beschreibung:
The aim of the paper is to investigate how child allowances affect population growth and pension benefits of pay-as-you-go (PAYG) pension systems in small open and closed economies. We apply an overlapping-generations (OLG) model in its canonical form, where we consider endogenous fertility and growth generated by human capital accumulation. From the analysis, we conclude that in a small open economy, child allowances increase the number of children, yet decrease pension benefits over the long run. If we consider a closed economy, the effect of child allowances on fertility is ambiguous and remains negative on pension benefits over the long run.