Endogenous transfer institutions in overlapping generations

Article Abstract:

An analysis of endogenous transfer institutions is presented. The analysis assumes equilibrium transfers between overlapping generations. It is shown that Pareto-improving transfers which are done must be costly even if less costly altenatives are present. The notion of private savings may be integrated if the institutions are considered part of social security. Although social security crowds out savings over time, the potential to save limits excess transfers.

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Borrowing constraints, human capital accumulation, and growth

Article Abstract:

The implications of borrowing constraints in an endogenous growth model with human and physical capital as engines for growth are examined. Findings indicate that disregarding the effects of borrowing constraints on human capital accumulation may effect other implications for savings and growth from traditional models of life-cycle hypothesis. The model developed demonstrates that borrowing constraints will lessen time spent on formal education and growth.

Analysis, Economic development, Human capital

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On the time consistency of the government's social security benefit policy

Article Abstract:

An analysis of the state's social security policy is presented. Results show that the time consistency of the social benefit policy is conditioned by the relationship between a worker's benefits and labor earnings. A condition wherein future benefit is influenced by current labor supply will give the worker a view of benefit which will distort the relation between labor supply and retirement.

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