Song, Zheng Storesletten, Kjetil Wang, Yikai Zilibotti, Fabrizio 2012-07-01 Intergenerational inequality and old-age poverty are salient isuues in contemporary China. China's aging population threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the positive and normative effects of alternative pension reforms, using a dynamic general equilibrium model that incorporates population dynamics and productivity growth. Although a reform is necessary, delaying its implementation implies large welfare gains for the (poorer) current generations, imposing only small costs on (richer) future generations. In contrast, a fully funded reform harms current generations, with small gains to future generations. High wage growth is key for these results. application/pdf https://susi.usi.ch/global/documents/318466 https://localhost:5000/ark:/12658/srd1318466 https://susi.usi.ch/documents/318466/files/CEPRA_03_2012.pdf eng info:eu-repo/semantics/altIdentifier/ark/12658/srd1318466 info:eu-repo/semantics/openAccess License undefined China credit market imperfections demographic transition economic growth fully funded system inequality intergenerational redistribution labor supply migration pensions poverty rural-urban reallocation total fertility rate wage growth info:eu-repo/classification/udc/33 Sharing high growth across generations : pensions and demographic transition in China http://purl.org/coar/resource_type/c_816b