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Integration of unemployment insurance with retirement insurance

Title
Integration of unemployment insurance with retirement insurance
Authors
Stiglitz J.E.Yun J.
Ewha Authors
윤정열
SCOPUS Author ID
윤정열scopus
Issue Date
2005
Journal Title
Journal of Public Economics
ISSN
0047-2727JCR Link
Citation
vol. 89, no. 41590, pp. 2037 - 2067
Indexed
SSCI; SCOPUS scopus
Abstract
This paper analyzes a social insurance system that integrates unemployment insurance with a pension program, allowing workers to borrow against their future wage income to finance consumption during an unemployment episode and thus improving search incentives while reducing the risks arising from unemployment. This paper identifies the conditions under which integration improves welfare and the factors which determine the optimal degree of integration. We show that when the duration of unemployment is very short compared to the period of employment or retirement, the optimal system involves exclusive reliance on pension-funded self-insurance. This system imposes a negligible risk burden for workers while avoiding attenuating search incentives. We also argue that joint integration of several social insurance programs with a pension program through an individual account is desirable unless the risks are perfectly correlated with each other. © 2005 Elsevier B.V. All rights reserved.
DOI
10.1016/j.jpubeco.2004.12.007
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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