"... In PAGE 19: ... We treat income from capital and labor equivalently, so that l = k, and refer to this economy as the `status quo apos; (SQ). In Table2 , under the column labelled `SQ, apos; we report a number of aggregate features of this economy, to which we now turn.... In PAGE 21: ... Ac- cordingly, we conclude this section by incorporating the `social security debt apos; and studying steady states in which the initial level of government debt, B, is chosen to make net social indebtedness comparable. Table2 reports properties of the stationary steady state corresponding to our three alternative economies: the status quo (SQ), an economy with private pensions (PP), and an economy with the Personal Security Account (PSA) social security system. Our welfare measures indicate that, without an adjustment for the social security debt, an unborn agent experiences a welfare gain in living in the PP and PSA economies of 0.... ..."

"... In PAGE 22: ... An impressionistic way to think of this is that once the social security system is changed from the status quo, prices and aggregate capital immediately jump to their new steady state values. We report results from economies with social security debt adjustments in Table3 . The level of debt associated with the SQ, evaluated at SQ prices, is 2.... In PAGE 22: ...liminated, is 1.19, or roughly 70% of GNP. The welfare implications are quite di erent once we incorporate the debt adjustment. Table3 shows that an unborn agent would pay 3.74% of per-period consumption in order to move from the status quo to a debt-adjusted world with only private pensions.... In PAGE 24: ...from the SQ economy to some alternative, say the PP economy. First, represents the overall welfare loss (from Table3 ) which we are attempting to decompose. Each of the four economic factors we apos;ve highlighted play some role in generating this number.... In PAGE 25: ...which underly each of these results. Capital Taxation E ects The economies we use to isolate capital taxation e ects are essentially identical to those represented in Table3 , except that all government expenditure is nanced through labor income taxation: k = 0 rather than k = l as before. That is, we compute three new steady states, each corresponding to either the SQ, the PSA or the PP social security system, where k = 0 in all cases.... In PAGE 28: ...3 The Interaction of Annuities and Aggregate Savings The upshot of our welfare decomposition is that the lion apos;s share of the gains we attribute to social security reform are due to what we apos;ve labeled `general equilibrium e ects: apos; changes in equilibrium prices and aggregate quantities which result from changes in our model apos;s institutional structure. Table3 demonstrates this in a fairly obvious manner: aggregate capital in the reformed economies increases by 11% in the case of the PSA economy and by 34% in the case of the PP economy. A substantial portion of the associated welfare gain is therefore a simple result of being born into a richer economy.... In PAGE 38: ...727 -84.365 Economies are identical to those in Table3 , except that capital income taxation has been abolished: k = 0. Entries correspond to per capita values (except for the various `rates apos;) for economies featuring the status quo U.... ..."

"... In PAGE 5: ...0%). The detailed break- down of records found in the DMF is presented in Table1 . In 17 cases (2%) the difference between the death year in the genealogy, and the DMF was expressed in round numbers (e.... In PAGE 5: ...g., 10, 20, or 30 years), which seems to be caused by misprints in genealogies (see Table1 ). Thus all cases of ex- ceptional longevity in genealogies should be checked using the SSA or vital statistics records.... ..."

"... In PAGE 8: ...e confirmed for only 23 alleged centenarians from the computerized genealogies (3.0 percent). The detailed breakdown of records found in the DMF is presented in Table 1. Table1 About Here The overall linkage success rate to the SSA DMF was moderate at 75-78 percent. Also, in 17 cases (2 percent) the difference between the death year in the genealogy records and the DMF was expressed in round numbers (e.... In PAGE 14: ... Being born to young mother is the major predictor of human longevity with odds ratio to live to 100 being 1.8 times higher than for later-born children, even when the effects of birth order are taken into account ( Table1 0). Table 10 About Here Moreover, even at age 75 it is still important to be born to young mother in order to survive to 100 years, because the odds of exceptional survival are 1.... ..."

"... In PAGE 36: ...3.1 Assessment of the key social security programmes Table13 shows the allocation of resources to eligible people applying for grants in the 6 key areas. According to the ReHMIS report of 1995, there are 48 495 people who are 65 years of age and above in the Lowveld region.... ..."

"... In PAGE 53: ... In 1998, only 18 percent of Ecuador apos;s population was covered by any form of social security (La Otra Mitad, 1999). Of those covered, 56 percent were men and 44 percent were women (see Table22 ). The gender gap is most probably due to the fact that women are over represented in the informal sector or in part-time jobs, while men are predominantly in the formal sector (see Table 16).... ..."

"... In PAGE 4: ...nd population growth. We also assume that the bene t rule is given. Some countries, labelled Bismarckian, such as Germany of France, o er replace- ment ratios that are stable across income levels, whereas others, labelled Beveridgean, such as Canada or the Netherlands, tend to have replacement ratios that fall as income increases. Table1 illustrates this distinction for 9 countries. Table1: Size and redistributiveness of social security... In PAGE 5: ... Even from a pure Rawlsian viewpoint, having a bene t rule that is not too redistributive can induce a majority to opt for generous retirement bene ts. As Table1 shows, the most generous systems are also those which redistribute the least. Following Browning (1975), most of the subsequent literature focuses upon simple majority voting and the median voter outcome.... ..."

"... In PAGE 13: ...23 percent of payroll. How does this compare to various changes being proposed? Table4 presents a variety of such potential changes, taken from the Advisory Council report (SSA 1997a, Appendix 3). As seen in the table, a permanent reduction in the annual cost-of-living adjustment of 1.... ..."

"... In PAGE 14: ... With these values held constant, we can derive the relationship between the reserve fund and the tax in a steady state equilibrium (where the growth rate equals g) from Equation (6). Table1 presents the full spectrum of permissible fiscal systems, assuming a steady state equilibrium with b and f held constant. [Table 1 goes here] In the absence of any reserve fund, the tax must be sufficient to cover benefits fully.... In PAGE 14: ... Table 1 presents the full spectrum of permissible fiscal systems, assuming a steady state equilibrium with b and f held constant. [ Table1 goes here] In the absence of any reserve fund, the tax must be sufficient to cover benefits fully. Since the taxable base of workers is growing at the same rate as the capital stock in the steady state, the effective yield on taxes will be the long-run growth rate.... ..."