Pension Reform and Economic Performance Under Imperfect Capital Markets
在资本市场不完全的假设下，构建代际交叠模型，分析现收现付和完全积累养老金制度对产出和终身机会的影响，发现完全积累制的中性结论不成立，并可能引发贫困陷阱。
We consider an overlapping generations model where heterogeneous agents take decisions on consumption and investment in education under the assumption of imperfect capital markets. We study how the introduction of a pay‐as‐you‐go and of a fully funded pension scheme affects output and lifetime opportunities, and then analyse the impact of a pension reform. The standard neutrality result for fully funded pension schemes does not hold in this framework. We establish the conditions under which a fully funded scheme is associated with a higher investment in human capital. We show that the transition path may involve poverty traps