PENSION SYSTEM REFORM AND IT'S EFFECTS ON INCOME DISTRIBUTION, POVERTY AND CAPITAL ACCUMULATION: AN APPLICATION FOR IRAN

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DASHTBAN FAROJI MAJID; SAMADI SAEED; DALLALI ISFAHANI RAHIM; ABDOLLAHE MILANI MAHANOSH

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Journal: Journal of Iran's Economic Essays; an Islamic approach Year:2011 | Volume:7 | Issue:14 Page(s): 117-151

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Title

PENSION SYSTEM REFORM AND IT'S EFFECTS ON INCOME DISTRIBUTION, POVERTY AND CAPITAL ACCUMULATION: AN APPLICATION FOR IRAN

Author(s)

DASHTBAN FAROJI MAJID | SAMADI SAEED | DALLALI ISFAHANI RAHIM | ABDOLLAHE MILANI MAHANOSH | Issue Writer Certificate

Keywords

SOCIAL SECURITYQ3

HUMAN CAPITALQ1

CAPITAL ACCUMULATIONQ2

INCOME DISTRIBUTIONQ2

Abstract

Lack of data, income or solely precautionary considerations have caused people act differently in their life cycle rather than what is expected of them. These differences are mainly related to educational levels, production capacity and their differential pension conditions. The assumption is that people have planned for their old age through different forms of savings at earlier stages of life. Since this may not happen, the aim of SOCIAL SECURITY programs is to solve retirees problem that cannot compensate their income deficit. This paper analyses and simulates Iran’s Pension System by using an overlapping generations model. Thus, we study the effects of transition from the Pay-As-You-Go Pension to the Fully Funded Pension System on CAPITAL ACCUMULATION, INCOME DISTRIBUTION and poverty. Simulation results show that in addition to higher levels of lifetime utility, The Fully Funded Pension System compared to¬ Pay-as-you-go provides a higher physical CAPITAL ACCUMULATION for the economy. The transition to Fully Funded System creates two different and opposite effects on poor people. On one hand, poor people economic conditions deteriorate and on the other hand, since they receive returns on their savings, they have an opportunity to be placed in a better situation, because the Fully Funded System enable them to have an access to financial institutions.

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APA: Copy

DASHTBAN FAROJI, MAJID, SAMADI, SAEED, DALLALI ISFAHANI, RAHIM, & ABDOLLAHE MILANI, MAHANOSH. (2011). PENSION SYSTEM REFORM AND IT'S EFFECTS ON INCOME DISTRIBUTION, POVERTY AND CAPITAL ACCUMULATION: AN APPLICATION FOR IRAN. JOURNAL OF ECONOMIC ESSAYS, 7(14), 117-151. SID. https://sid.ir/paper/108880/en

Vancouver: Copy

DASHTBAN FAROJI MAJID, SAMADI SAEED, DALLALI ISFAHANI RAHIM, ABDOLLAHE MILANI MAHANOSH. PENSION SYSTEM REFORM AND IT'S EFFECTS ON INCOME DISTRIBUTION, POVERTY AND CAPITAL ACCUMULATION: AN APPLICATION FOR IRAN. JOURNAL OF ECONOMIC ESSAYS[Internet]. 2011;7(14):117-151. Available from: https://sid.ir/paper/108880/en

IEEE: Copy

MAJID DASHTBAN FAROJI, SAEED SAMADI, RAHIM DALLALI ISFAHANI, and MAHANOSH ABDOLLAHE MILANI, “PENSION SYSTEM REFORM AND IT'S EFFECTS ON INCOME DISTRIBUTION, POVERTY AND CAPITAL ACCUMULATION: AN APPLICATION FOR IRAN,” JOURNAL OF ECONOMIC ESSAYS, vol. 7, no. 14, pp. 117–151, 2011, [Online]. Available: https://sid.ir/paper/108880/en

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