| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5113 |
| DP5113 Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth | |
| Oved Yosha; Bent E Sørensen; Yi-Tsung Wu | |
| 发表日期 | 2005-06-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper studies an overlapping generations model with stochastic production and incomplete markets to assess whether the introduction of an unfunded social security system leads to a Pareto improvement. When returns to capital and wages are imperfectly correlated a system that endows retired households with claims to labour income enhances the sharing of aggregate risk between generations. Our quantitative analysis shows that, abstracting from the capital crowding-out effect, the introduction of social security represents a Pareto improving reform, even when the economy is dynamically efficient. However, the severity of the crowding-out effect in general equilibrium tends to overturn these gains. |
| 主题 | Public Economics |
| 关键词 | Social security reform Aggregate fluctuations Intergenerational risk sharing Incomplete markets |
| URL | https://cepr.org/publications/dp5113 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534002 |
| 推荐引用方式 GB/T 7714 | Oved Yosha,Bent E Sørensen,Yi-Tsung Wu. DP5113 Home Bias and International Risk Sharing: Twin Puzzles Separated at Birth. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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