Intergenerational demographic risk-sharing properties of current social security systems in closed economies and open economies.

• Main Authors: Wang, Jingyi., Ye, Honghai.
• Other Authors: School of Humanities and Social Sciences
• Format: Final Year Project
• Language: English
• Published: 2012
• Subjects: DRNTU::Social sciences
• Online Access: http://hdl.handle.net/10356/48867
• Institution: Nanyang Technological University

This paper examines the risk-sharing properties of two major social security systems, the Pay-as-You-Go (PAYGO) Defined Benefit (DB) systems and the pre-funding systems, in both closed and open economies. An Overlapping Generations (OLG) model is constructed to formulate consumer’s saving and consum...