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Article Dans Une Revue FinanzArchiv / Public Finance Analysis Année : 2007

Capital accumulation, welfare and the emergence of pension fund activism

Résumé

This paper presents an overlapping generations model with altruistic consumers, in which pension funds, by holding a signi...cant share of capital assets, produce non competitive behavior. We study the consequences of such behavior on capital accumulation and welfare in the long run when subsidies are associated with contributions to pension funds. If bequests are operative and the subsidy rate is not too high, the capital stock increases with the introduction of pension funds, and this increases long run utility. If bequests are not operative without pension funds, the rise in long-run welfare is no longer guaranteed, even if the subsidy rate is low.
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Dates et versions

halshs-00268847 , version 1 (01-04-2008)

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Pascal Belan, Philippe Michel, Bertrand Wigniolle. Capital accumulation, welfare and the emergence of pension fund activism. FinanzArchiv / Public Finance Analysis, 2007, 23 (2), pp.54-82. ⟨10.1628/001522107X186728⟩. ⟨halshs-00268847⟩
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