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Partially funded social security and growth

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  • Carlos Bethencourt
  • Lars Kunze
  • Fernando Perera‐Tallo

Abstract

This paper investigates the relationship between economic growth and the degree of fundedness of a social security system in an overlapping generations model with family altruism. It is shown that the relationship between the degree of fundedness and economic growth is inverted U‐shaped so that a gradual increase in funding may harm growth if bequests are not operative within the family. Our findings put some caution on the conventional view that a higher degree of funded social security is beneficial for growth.

Suggested Citation

  • Carlos Bethencourt & Lars Kunze & Fernando Perera‐Tallo, 2025. "Partially funded social security and growth," Metroeconomica, Wiley Blackwell, vol. 76(2), pages 297-310, May.
    • Handle: RePEc:bla:metroe:v:76:y:2025:i:2:p:297-310
    DOI: 10.1111/meca.12484
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