Technical Report Aging, Pensions, and Growth

Ono, Tetsuo

14-17-Rev.2pp.1 - 27 , 2016-07 , Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University
* Revised:Economic Growth and the Politics of Intergenerational Redistribution [14-17-Rev., 2015]
* Revised: [14-17, 2015]
This study presents an endogenous growth, overlapping-generations model featuring probabilistic voting over public pensions. The analysis shows that (i) the pension–GDP ratio increases as life expectancy increases in the presence of an annuity market, while it may show a hump-shaped pattern in its absence; (ii) the growth rate is higher in the presence of the annuity market than its absence, but the presence implies an intergenerational trade-off in terms of utility.

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