Contributors: Laboratoire d'Economie Appliquée de Grenoble (GAEL); Centre National de la Recherche Scientifique (CNRS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE)-Université Grenoble Alpes (UGA)-Institut polytechnique de Grenoble - Grenoble Institute of Technology (Grenoble INP ); Université Grenoble Alpes (UGA); Centre National de la Recherche Scientifique (CNRS); Département des Sciences Economiques, ESG-UQAM, Montréal, Canada; Center of Operation Research and Econometrics Louvain (CORE); Université Catholique de Louvain = Catholic University of Louvain (UCL); CESifo, Munich; Aix-Marseille Sciences Economiques (AMSE); École des hautes études en sciences sociales (EHESS)-Aix Marseille Université (AMU)-École Centrale de Marseille (ECM)-Centre National de la Recherche Scientifique (CNRS); University of Stirling; Hasselt University (UHasselt); Department of Economics Leuven; Catholic University of Leuven = Katholieke Universiteit Leuven (KU Leuven); Giorgio Fabbri acknowledges funding from the French National Research Agency in the framework of the Investissements davenir program (ANR-15-IDEX-02) and of the center of excellence LABEX MME-DII (ANR-11-LBX-0023-01). Marie-Louise Leroux acknowledges funding from the Fonds de Recherche du Qubec-Socit et Culture (FRQSC, grant number: 2024-SE3-328700), and from Social Sciences and Humanities ResearchCouncil of Canada (Grant number: 435-2020-0787). Paolo Melindi-Ghidi acknowledges nancial support from the French government under the \France 2030" investment plan managed by the French National ResearchAgency Grant ANR-17-EURE-0020, and by the Excellence Initiative of Aix-Marseille University - A*MIDEX.; ANR-17-EURE-0020,AMSE (EUR),Aix-Marseille School of Economics(2017); ANR-11-IDEX-0001,Amidex,INITIATIVE D'EXCELLENCE AIX MARSEILLE UNIVERSITE(2011); ANR-15-IDEX-0002,UGA,IDEX UGA(2015)
نبذة مختصرة : This paper develops an overlapping generations model that links a public health system to a pay-as-you-go (PAYG) pension system. It relies on two assumptions. First, the health system directly finances curative health spending on the elderly. Second, public pensions partially depend on health status by introducing a component indexed to society's average level of old-age disability. Reducing the average disability rate in the economy then lowers pension benefits as the need to finance long-term care services also drops. We study the effects of introducing such a 'comprehensive' Social Security system on individual decisions, capital accumulation, and welfare. We first show that health investments can boost savings and capital accumulation under certain conditions. Second, if individuals are sufficiently concerned with their health when old, it is optimal to introduce a health-dependent pension system, as this will raise social welfare compared to a system where pensions are not tied to the society's average level of old-age disability. Our analysis thus highlights an important policy recommendation: making PAYG pension schemes partially health-dependent can be beneficial to society.
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