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Pension Reform, Private Saving, and the Current Account in a Small Open Economy / Axel Schimmelpfennig.
- Format:
- Book
- Government document
- Author/Creator:
- Schimmelpfennig, Axel.
- Series:
- IMF Working Papers; Working Paper ; No. 2000/171
- IMF Working Papers
- Language:
- English
- Physical Description:
- 1 online resource (30 pages)
- Place of Publication:
- Washington, D.C. : International Monetary Fund, 2000.
- Language Note:
- English
- Summary:
- The macroeconomic implications of a pension reform that substitutes a high-return fully-funded system for a low-return pay-as-you-go system are discussed in an overlapping generations, neoclassical growth model. With forward-looking individuals, a debt-financed reform worsens the current account, while a tax-financed reform leaves the current account unchanged. With myopic individuals, a debt-financed reform leaves the current account unchanged, while a tax-financed reform improves the current account. Hence, tax-financing, which is equivalent to pre-funding, should be the preferred reform strategy in a small open economy with a weak current account position.
- Notes:
- Bibliographic Level Mode of Issuance: Monograph
- Description based on print version record.
- ISBN:
- 9786613795700
- 9781462336746
- 1462336744
- 9781452721941
- 1452721947
- 9781282004405
- 1282004409
- 9781451903744
- 145190374X
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