Macroeconomic analysis of pension systems: education premium, redistribution and growth.

Summary In the context of the debate on the future of pension systems, this thesis proposes to study more specifically the interactions between pension systems, education and growth. It is structured in five chapters, preceded by an introduction that presents the specific characteristics of pension systems around the world, the main theories of social security and the problematic. The first chapter presents the overlapping generations model that will be used throughout the thesis. Two types of pension schemes are studied: flat-rate and earnings-related. The important result of this chapter is that the first type of system has no impact on economic growth. Conversely, by encouraging young workers to invest more in their education, the second has a positive impact on economic growth. A positive correlation between growth and the size of the pension system is then observed. In Chapter 2, in order to validate the education premium mechanism as an explanation for this last correlation, we consider two extensions that involve the length of contribution in the calculation of pension rights. In both cases, we show that the education premium mechanism still explains the correlation between growth and the pension system. In chapter 3, we study the conditions under which the proportional pension system, although socially optimal, is politically sustainable in a democracy. We then show that, for this to be the case, the government must guarantee a part of the acquired rights, or at least that individuals believe in this guarantee. In Chapter 4, we study the capacity of a pension system to reduce inequalities. Although characterized by a progressive pension entitlement formula, it is possible to demonstrate, as in reality, a pension system that does not redistribute from the rich to the poor. Nevertheless, the latter, through its positive impact on growth, reduces inequalities. Finally, in chapter 5, we show that, alongside the pay-as-you-go system, which promotes growth, it would be socially desirable to introduce a funded system to stimulate savings.