Impacto sobre a renda per capita de longo prazo dos sistemas previdenciários de repartição

Resumo

In this paper we developed an overlapping generation model in continuos time. The life span of the households has two stages. The first stage begins after birth and ends at the age of retirement. During this stage households supply work ineslasticaly, consume and accumulate assets. The second stage starts after retirement and the household faces a death probability which is positive. During this stage the income of the household comes from private assets and from a social security system which runs in a pay-as you-go basis. After aggregating the decisions of the individuals we founded an equation that determines the capital stock in the steady state. The model was solved numerically in order to find the long-run income under the system fully founded and under the pay-as-you-go system. The death risk took into consideration a case where there is an insurance company that pays annuities when the individual is alive and a case where such company is absent. In the last case the individual will leave assets after he dies as an involuntary bequest caused by precautionary behavior.