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The Stability and Growth Pact as an Impediment to Privatizing Social Security / Assaf Razin, Efraim Sadka.
- Format:
- Book
- Author/Creator:
- Razin, Assaf.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w9278.
- NBER working paper series no. w9278
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2002.
- Summary:
- The aging of the population shakes the confidence in the economic viability of pay-as-you-go social security systems. We demonstrate how in a political-economy framework the shaken cofidence leads to the downsizing of the social security-system, and to the emergence of supplemental individual retirement programs. Lifting the Stability-Pact type ceiling on fiscal deficits is shown to facilitate the transition from a national to a private pension system, through an endogenously determined shift in the median voter.
- Notes:
- Print version record
- October 2002.
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