期刊名称：Topics in Middle Eastern and North African Economies
出版年度：2010
卷号：12
期号：1
出版社：Loyola University Chicago
摘要：An unsustainable pay-as-you-go system produces two outcomes: generous social security wealth and an uncertainty about this wealth. The results of my previous study imply that the unprecedented generosity of the Turkish paygo boosts consumption. In this present study, when the second effect is controlled, the results imply that declining expectations on the sustainability of the paygo system reduce consumption. What is the net consequence of these two opposite effects on consumption? This paper models this ambiguity and confirms its existence for Turkey
关键词：consumption; expectations; life-cycle saving; paygo; social security wealth.
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