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Pensions reforms, redistribution and welfare

Thakoor, Jeevendranath ((Vimal)) (2010)
Ph.D. thesis, University of Birmingham.

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This thesis deals with the optimal design of pensions systems in the face of demographic changes. Though the chapters differ in terms of the key questions addressed, the unifying theme remains which pensions system yields the highest welfare under differing economic conditions. We use a standard overlapping generations model with heterogeneous agents to address the various questions. The role of the pensions system varies between consumption smoothing and redistribution, or a combination of both. The provision of pensions, whether universal or targeted, has a signficant impact on capital formation and by extension on a host of economic aggregates and welfare. Capital is always higher under a fully-funded scheme. Under certain conditions, it is optimal to have no pay-as-you-go pensions in place and a fully-funded scheme is thus optimal. With a redistributive pensions system, the welfare gain of the poor exceeds the fall in the welfare of the rich thereby resulting in an increase in aggregate welfare. This thesis thus brings together the issues involved in pensions design in a theoretical framework and aims to provide an insight into the various channels at work.

Type of Work:Ph.D. thesis.
Supervisor(s):Dutta, Jayasri
School/Faculty:Colleges (2008 onwards) > College of Social Sciences
Department:Department of Economics
Keywords:Pensions; Ageing Population, Pensions Reforms; Pay-As-You- Go Pensions; Fully Funded Pensions;Redistribution; Income Support; Overlapping Generations Model (OLG); General Equilibrium; Heterogeneous Agents; Dynamic Efficiency; Dynamic Inefficiency; Welfare.
Subjects:HC Economic History and Conditions
HG Finance
Institution:University of Birmingham
ID Code:1153
This unpublished thesis/dissertation is copyright of the author and/or third parties. The intellectual property rights of the author or third parties in respect of this work are as defined by The Copyright Designs and Patents Act 1988 or as modified by any successor legislation. Any use made of information contained in this thesis/dissertation must be in accordance with that legislation and must be properly acknowledged. Further distribution or reproduction in any format is prohibited without the permission of the copyright holder.
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