Pay-as-you-go social security and the distribution of bequests

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• dc.contributor.author Caballé, Jordica
• dc.contributor.author Fuster, Luisaca
• dc.contributor.other Universitat Pompeu Fabra. Departament d'Economia i Empresa
• dc.date.accessioned 2017-07-26T10:50:20Z
• dc.date.available 2017-07-26T10:50:20Z
• dc.date.issued 2000-02-01
• dc.date.modified 2017-07-23T02:05:19Z
• dc.description.abstract This paper studies the impact of an unfunded social security system on the distribution of bequests in a framework where savings are due both by life cycle and by random altruistic motivations. We show that the impact of social security on the distribution of bequests depends crucially on the importance of the bequest motive in explaining savings behavior. If the bequest motive is strong, then an increase in the social security tax raises the bequests left by altruistic parents. On the other hand, when the importance of bequests in motivating savings is sufficiently low, the increase in the social security tax could result in a reduction of the bequests left by altruistic parents under some conditions on the attitude of individuals toward risk and on the relative returns associated with private saving and social security. Some implications concerning the transitional effects of introducing an unfunded social security scheme are also discussed.
• dc.format.mimetype application/pdfca
• dc.identifier https://econ-papers.upf.edu/ca/paper.php?id=468
• dc.identifier.citation Review of Economic Studies, 70, 2, 2003, pp. 541-568
• dc.identifier.uri http://hdl.handle.net/10230/792
• dc.language.iso eng
• dc.relation.ispartofseries Economics and Business Working Papers Series; 468
• dc.rights L'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commons
• dc.rights.accessRights info:eu-repo/semantics/openAccess
• dc.rights.uri http://creativecommons.org/licenses/by-nc-nd/3.0/es/
• dc.subject.keyword social security
• dc.subject.keyword altruism
• dc.subject.keyword bequests
• dc.subject.keyword Macroeconomics and International Economics
• dc.title Pay-as-you-go social security and the distribution of bequestsca
• dc.type info:eu-repo/semantics/workingPaper