When it was published on December1st 1942, Social Insurance and Allied Services, or as it was universally called, the Beveridge Report, was an instant and phenomenal success. It gives the criticism to the England resent social security system. The report pointed that each problem has been dealt with separately, with little or no reference to allied problem. And it causes each kind of social sec...

We extend a standard overlapping-generations general-equilibrium model with idiosyncratic working ability shocks to design the optimal social security pension system. There are two main features in our approach. First, we keep track of individual social security wealth explicitly so that we can evaluate a wide range of policies, including “private accounts,” seamlessly. Second, we express our s...

In 198 1, Chile introduced a new approach to social insurance, a system of individual capitalization accounts financed solely by the employee. This new privatized system was an improvement over Chile’s failing pay-asyou-go arrangement. As many countries worldwide are facing financial problems with their social security system, they are now looking to the Chilean model in trying to find solution...

How will the distribution of welfare, consumption, and leisure across households be affected by social security reform? This paper addresses this question for social security reforms with a two-tier structure by comparing steady states under a realistic version of the current U.S. system and under the two-tier system. The first tier is a mandatory, defined-contribution pension offering a retire...

All across Europe, old age labor force participation has declined dramatically during the last decades. This secular trend coincides with population aging. The European social security systems therefore face a double threat: Retirees receive pensions for a longer time while there are less workers per retiree to shoulder the financial burden of the pension systems. This paper shows that a signif...

The research reported herein was performed pursuant to a grant from the U.S. Social Security Administration (SSA) to the Michigan Retirement Research Center (MRRC). The opinions and conclusions are solely those of the author and should not be construed as representing the opinions or policy of SSA or any agency of the Federal Government or of either the CRR or MRRC. Eun Kyung Lee provided excel...

President Clinton has proposed creating larger social security funds and investing a portion of them in the private sector. Others have suggested more radical reforms such as moving social security from a defined-benefit scheme to a definedcontribution plan based on the Chilean model. These proposals are based on the goal of creating higher investment returns, which would make social security b...

or emotional terms (Ruxton 2002: 110-ff.).

Empirical evidence suggests that parents who have themselves inherited from their own parents are more likely to leave an estate to their children even after controlling for income, wealth and education. This implies an indirect reciprocal behavior between three generations by transmitting the attitude towards bequeathing from one generation to the next. We incorporate such an intergenerational...