Pensionsreform, incitamenter og generationskonflikter

Using an intertemporal simulation model, this paper considers some distributional, and macroeconomic effects of reforming old-age social security in Denmark. The major elements of our reform proposal are (a) a separation of the old-age social security budget from the total government budget; (b) a partial and preannounced conversion from »pay-as-you-go« financing to a fund-based system and (c) removal of a number of distortions in the Danish social security system. We find that whereas some generations will be adversely affected during the transition period, the welfare effects are positive in the long run; the supply of labour increases and, finally, the proposal leads to a decrease in the stock of outstanding external debt.