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The paper uses a simulation model to quantify the impact on income distribution of the substilution of a progressive social security program that redistributes towards the poor, but isfinanced with the PAYC method, by a neutral social security program thal is funded. We find that if the original ...


Valdés-Prieto, Salvador[Distributive Concerns When Substituting a Pay-As-You-Go a Fully Funded Pension System]Distributive Concerns When Substituting a Pay-As-You-Go a Fully Funded Pension System

A basic theme in the theory of international trade has been to study welfare gains and income redistribution caused by trade liberalization. Using optimizing finite lives overlapping generations combined with long-term real assets and adjustment costs in accumulating capital, this paper establish...


Budnevich, Carlos[The Intergenerational and Dynamic Effects of Opening the Capital Account]The Intergenerational and Dynamic Effects of Opening the Capital Account

Fulfy-funded pension systems are claimed to be less distortionary of labor allocation decisions than pay-as-you-go systems. This paper explores this issue in the framework of an overlapping generation model of endogenous growth where capiral has an external effect on labor productivity and worker...


Corsetti, Giancarlo[An Endogenous Growth Model of Social Security and the Size of the Informal Sector]An Endogenous Growth Model of Social Security and the Size of the Informal Sector

Nowadays, many countries are facing severe problems to finance their Social Security Systems. Most systems are financed on a pay-as-you-go basis, where financial problems come from two main sources. On the one hand, most of them are now reaching maturity. This means that an important part of the ...


Cifuentes, Rodrigo[Changing the Pension Ages: The Welfare Effects]Changing the Pension Ages: The Welfare Effects

Pension reform is spreading around the globe. ranging from Latin America to OECD countries, with current discussions of major reform projects in many other developing. transition, and OECD economies. This paper surveys current research issues and country experiences related to old-age security ar...


Arrau, PatricioSchmidt-Hebbel, Klaus[Pension Systems and Reforms: Country Experiences and Research Issues]Pension Systems and Reforms: Country Experiences and Research Issues

This article presents solid evidence showing that economic growth has been the main driving force behind the large reduction in poverty observed in Chile during the 1987-1992 period. This conclusion is shown to be robust to various poverty measures and time sub periods. Results are based in a rec...


Larrañaga, Osvaldo[Pobreza, Crecimiento y Desigualdad: Chile 1987-92]Pobreza, Crecimiento y Desigualdad: Chile 1987-92

In this paper the sustainability of the Spanish fiscal policy is examined. The aim of the paper is to test whether the government's budget is balanced intertemporally in the context of a growing economy. where the variables are normalised by real GDP and population. The conclusions are, first, th...


Camarero, MariamEsteve, VicenteTamarit, Cecilio[Ausencia de señoreaje y Solvencia del Gobierno ante la U.E.M ¿Puede España cumplir ambas condiciones?]Ausencia de señoreaje y Solvencia del Gobierno ante la U.E.M ¿Puede España cumplir ambas condiciones?

The Brazilian pay-as-you-go social security program is analyzed in a historical perspective. Its contribution to income inequality, and the role played by the inflation as a balancing variable are discussed. It is shown that budgetary constraints due to the increasing informalization of the labor...


Fragelli-Cardoso, RenatoMagalh�es, Uriel DeSchymura de Oliveira, LuizPortocarrero, Helio[The Brazilian Social Security Program: Diagnosis and Proposal for Reform]The Brazilian Social Security Program: Diagnosis and Proposal for Reform

In this article, the empirical relevance of the classical theory of inflation for explaining the hyperinflationary experiences of Peru and Bolivia during the decade of the eighties, is evaluated using econometric methods. Taking a non-stationary time series methodology it was found that this mode...


Feliz, Raul A.Soldevilla, Grocio[Implicaciones Observables de la Teoría Clásica de la Inflación: Perú y Bolivia en los Ochenta]Implicaciones Observables de la Teoría Clásica de la Inflación: Perú y Bolivia en los Ochenta

The empirical Real Business Cycle models started with the pioneer work of Kydland and Prescott (1982). Since then, many work has been done using their approach. This paper is based in this standard real business cycle model to simulate an economy which include stochastic monetary growth (monetary...


Johnson, Christian[A Simple RBC Model with Money and Income Taxes]A Simple RBC Model with Money and Income Taxes

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