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Retraites, soutenabilité et garantie du gouvernement

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  • Gilles Le Garrec

Abstract

We study in an OLG model the key role of the government in the survival of the pay-as-you-go retirement systems. We show that retirement systems with strong contribution rate, as observed in Europe, are long-term viable only if a sufficient part of the rights accumulated by the pensioners when they were active is guaranteed by the government. This condition can nevertheless be moderated if the agents of the economy believe enough in this guarantee. Thus, we can interpret the cut in the pension rights, accepted by the pensioners of certain schemes, either like the only consequence of an unfavourable demography but also like resulting from a revision of belief.

Suggested Citation

  • Gilles Le Garrec, 2005. "Retraites, soutenabilité et garantie du gouvernement," Recherches économiques de Louvain, De Boeck Université, vol. 71(3), pages 345-358.
    • Handle: RePEc:cai:reldbu:rel_713_0345
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    Cited by:

    1. Gilles Le Garrec, 2009. "Système de retraite et vieillissement," Annals of Economics and Statistics, GENES, issue 93-94, pages 349-361.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General

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