Growth Inequality and Globalization or Rethinking Pension Reform

Growth, Inequality, and Globalization: Theory, History, and Policy

Author: Philippe Aghion

Two of the world's leading economists, Philippe Aghion (a theorist) and Jeffrey Williamson (an economic historian), jointly question the conventional wisdom on inequality and growth, and address its inability to explain recent economic experience. Aghion assesses the effects of inequality on growth, and asks whether inequality matters: is excessive inequality bad for growth, and is it possible to reconcile aggregate findings with microeconomic theories of incentives? Jeffrey Williamson then discusses the Kuznets hypothesis, and focuses on the causes of wage and income inequality in developed economies.

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Rethinking Pension Reform

Author: Franco Modigliani

To clarify the global debate on social security, the authors establish the basic choices in designating any system to help policy makers develop the system that achieves their many objectives. Because the success of reforms depends on financial innovation to mitigate key risks, innovations are discussed which demonstrate how pension reform choices affect the achievement of retirement objectives. Finally, the authors examine proposed hybrid options to show how their beneficial features can be captured through planning within a single fund. Hb ISBN (2004) 0-521-83411-2

Table of Contents:

1	A primer on pension reform	1
2	A taxonomy of pension reform issues	17
3	An evaluation of pension reforms	42
4	Welfare costs of defined contribution schemes	71
5	The transition from PAYGO to funding with a common portfolio : application to the United States	103
6	Social security reform in Spain	145
7	The "two-pension fund" theorem	189
8	The case for mixed systems and variable contributions : improving the performance of pension systems	204