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| Type | Working Paper |
| Scope | Discipline-based scholarship |
| Title | Sharing high growth across generations: Pensions and demographic transition in China |
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| Institution | University of Zurich : UBS International Center of Economics in Society |
| Series Name | UBS Center Working Paper Series |
| Number | 1 |
| ISSN | 2296-2751 |
| Number of Pages | 35 |
| Date | 2012 |
| Abstract Text | Intergenerational inequality and old-age poverty are salient issues in contemporary China. China’s aging population threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the positive and normative effects of alternative pension reforms, using a dynamic general equi- librium model that incorporates population dynamics and productivity growth. Although a reform is necessary, delaying its implementation implies large welfare gains for the (poorer) current generations, imposing only small costs on (richer) future generations. In contrast, a fully funded reform harms current generations, with small gains to future generations. High wage growth is key for these results. |
| Official URL | https://www.ubscenter.uzh.ch/assets/workingpapers/WP1_Sharing_High_Growth_Across_Generations.pdf |
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| Keywords | China, Credit market imperfections, Demographic transition, Economic growth, Fully funded system, Inequality, Intergenerational redistribution, Labor supply, Migration, Pensions, Poverty, Rural-urban reallocation, Total fertility rate, Wage growth |