Education Systems and Social Security in an Aging Economy
Date Issued
2008
Date
2008
Author(s)
Yang, Tzu-Ting
Abstract
This paper studies the interaction between two main public policies,education and social security, in an aging economy.e compare the balanced growth rate between different education systemsa private education system, a public education system and a voucher program)t steady state with various life expectancies and pension replacement rates.he results suggest that if govenment does not implement pay-as-you-go (PAYG) social security program, private education system cannduce higher growth at any degree of longevity.n contrast,s government implements PAYG social security program,hich education systems can enhance economic growth depends onhe life expectancy of an economy and the policy of pension benefit.ur calibrated results reveal that public education system or a voucher program can yield higher growth than a private education systemy encouraging parents to raise children and then reducing the adverse impact of PAYG social security on capital accumulation and growthhen an economy with sufficiently high life expectancy and pension replacement ratio.he implication of our analysisndicates that in order to promote economic growth,olicy makers should consider these two public policies jointly.
Subjects
Ageing
Education systems
Social security
Type
thesis
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