Globalization, Social Security, and International Transfers

5890 16 4578 2 10468 document 4578 IR-99-056.pdf application/pdf 54f0274646db2ae5f283f484d89c0979 MD5 121879 2016-01-15 02:11:25 https://pure.iiasa.ac.at/id/eprint/5890/1/IR-99-056.pdf 5890 1 1 text en public

IR-99-056.pdf

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IR-99-056.pdf

http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/4578 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/4578 http://eprints.org/relation/isCoversheetVersionOf https://pure.iiasa.ac.at/id/document/4578 archive 351 disk0/00/00/58/90 2016-01-15 02:11:25 2021-08-27 17:16:46 2016-01-15 02:11:25 monograph show 2 MacKellar F.L. AL0956 Ermolieva T. 7638 Reisen H. Globalization, Social Security, and International Transfers pub iis_ecn iis_ssr prog_ssr In this paper, we quantify the impact of globalization (i.e., integration of global capital markets) on intergenerational transfers mediated through Pay As You Go (PAYG) public pension systems in more developed countries (MDCs), as well as impacts on the intergenerational distribution of income and wealth. Our basic finding is that, while globalization is likely to erode the pension income of older persons, it will enhance their wealth, leaving their overall spending power little changed. The working age population, which earns lower wages, is an unambiguous loser from the globalization process, at least to the extent that we limit ourselves to a neoclassical analysis of the phenomenon. The main impact of globalization is unlikely, however, to be captured by economy-wide averages such as those presented in this paper. This is the redistribution from lifetime non-savers, especially the poor, who depend on labor income while young and wage-based intergenerational transfers when old, to lifetime savers, who are able to take advantage of improved capital returns. While we concentrate on MDCs in this paper, we make the point that economic impacts of globalization in less developed countries (LDCs) are opposite in sign and greater in relative magnitude. The latter is the case because reallocation of capital gives rise to a greater proportional change in the capital-output ratio in LDCs than in MDCs. 1999-10 published IR-99-056 IR-99-056 2146 83 public interim_report IIASA, Laxenburg, Austria 33 FALSE info:eu-repo/semantics/book