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Constraints on Big-Bang Solutions: The Case of Intergenerational Transfers

Author

Listed:
  • Liu Liqun
  • Andrew J. Rettenmaier
  • Thomas R. Saving

Abstract

This paper introduces intergenerational equity into the analysis of transitions to a market economy. Analyzing Social Security privatization, we find that payroll tax labor market distortions, rather than capital tax capital market distortions, are the major source of any efficiency gain from a privatization. Further, the transition path following privatization determines the distribution of efficiency gains across generations. Finally, measuring the ease of privatization as the length of the shortest politically feasible transition, some conventional beliefs concerning factors that constitute favorable or unfavorable conditions for Social Security privatization are generally unsupported.

Suggested Citation

  • Liu Liqun & Andrew J. Rettenmaier & Thomas R. Saving, 2000. "Constraints on Big-Bang Solutions: The Case of Intergenerational Transfers," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 156(1), pages 270-270, March.
    • Handle: RePEc:mhr:jinste:urn:sici:0932-4569(200003)156:1_270:cobstc_2.0.tx_2-7
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    Cited by:

    1. Liqun Liu & Andrew J. Rettenmaier, 2003. "Social Security Outcomes by Racial and Education Groups," Southern Economic Journal, John Wiley & Sons, vol. 69(4), pages 842-864, April.
    2. Liqun Liu & Andrew J. Rettenmaier & Thomas R. Saving, 2005. "Private Accounts as a Solution to Social Security's Debt," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 20(Spring 20), pages 97-125.
    3. Liqun Liu & Andrew J. Rettenmaier, 2004. "The Excess Burden of the Social Security Payroll Tax," Public Finance Review, , vol. 32(6), pages 631-650, November.
    4. Thomas R. Saving, 2000. "Making the Transition to Prepaid Medicare," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 85-98, Spring.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • P21 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Planning, Coordination, and Reform

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