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Sustainability of social security in a model of endogenous fertility

Author

Listed:
  • Oshio, Takashi
  • 小塩, 隆士
  • オシオ, タカシ
  • Yasuoka, Masaya
  • 安岡, 匡也
  • ヤスオカ, タクヤ

Abstract

Social security tends to be unsustainable in nature in that it reduces individuals' demand for children as a measure to support their old age, which in turn undermines the financial base of social security. Using a simple overlapping-generations model with endogenous fertility and income transfer from children to parents, we discuss the maximum size of a pay-as-you-go social security program that can prevent a cumulative reduction of fertility and make the program sustainable. We also show that childcare allowance raises the maximum size of the program and raises an individual's lifetime utility.

Suggested Citation

  • Oshio, Takashi & 小塩, 隆士 & オシオ, タカシ & Yasuoka, Masaya & 安岡, 匡也 & ヤスオカ, タクヤ, 2009. "Sustainability of social security in a model of endogenous fertility," PIE/CIS Discussion Paper 450, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
    • Handle: RePEc:hit:piecis:450
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    File URL: https://hermes-ir.lib.hit-u.ac.jp/hermes/ir/re/17553/pie_dp450.pdf
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    More about this item

    Keywords

    social security; fertility; intergenerational income transfer;
    All these keywords.

    JEL classification:

    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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