The Intergenerational State Education and Pensions
证明，在人力资本投资信贷市场缺失时，通过设计公共教育和养老金制度，可以实现代际转移，达到完全市场配置，其中年轻人通过公共教育从中年人借款，再通过社保税偿还。
ABSTRACT __________________________________________________________________________ When credit markets to finance investment in human capital are missing, the competitive equilibrium allocation is inefficient. When generations overlap, this failure can be mitigated by properly designed social arrangements. We show that public financing of education and public pensions can be designed to implement an intergenerational transfer scheme supporting the complete market allocation. Neither the public financing of education nor the pension scheme we consider resemble standard ones. In our mechanism, via the public education system, the young borrow from the middle aged to invest in human capital. They pay back the debt via a social security tax, the proceedings of which finance pension payments. When the complete market allocation is achieved, the rate of return implicit in this borrowing-lending scheme should equal the market rate of return.