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Pension Reform, Factor Mobility and Trade with Country-Specific Goods

机译:养老金改革,要素流动性和与特定国家商品的贸易

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This paper studies the effects of pension reform in a two-country model with country-specific goods. It shows that in the case of dynamic efficiency, a switch from a pay-as-you-go to a more-funded pension scheme leads to an inflow of labour to the reforming country. Reallocation of capital depends on the degree of substitutabil-ity between goods produced in the countries. If the goods produced in the countries are substitutes (complements), capital stock grows (declines) in the reformed country relative to the neighbouring country. Social security reform makes goods produced in the reformed country cheaper; this has an additional negative effect on the old generation in the reformed country, but compensates the old generation in the neighbouring country with cheaper imports due to a reduction in the tax base arising from emigration.
机译:本文在具有特定国家商品的两国模型中研究了养老金改革的效果。它表明,在动态效率的情况下,从“现收现付”转向资金更加充裕的养老金计划,将导致劳动力向改革国家流入。资本的重新配置取决于各国生产的商品之间的可替代性程度。如果这些国家生产的商品是替代品(补品),则改革后的国家相对于邻国的资本存量会增长(下降)。社会保障改革使改革后国家生产的商品便宜;这对改革后的国家的老一代产生了额外的负面影响,但由于移民税基的减少,以便宜的进口价格补偿了邻国的老一代。

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