We employ a two-country overlapping-generations model to explore the international dimension of household portfolio choices induced by the asymmetric provision of government-run pensions. We study the resulting patterns of risk-sharing and the corresponding welfare effects on both home and foreign agents. Introducing the de?fined benefi?ts pay-as-you-go system at home increases the welfare of all other agents at the expense of the home workers and improves the degree of intergenerational risk sharing abroad. Conversely, a defi?ned contributions system leads to welfare losses of both home cohorts accompanied by gains abroad, but does increase the extent of intergenerational risk sharing at home.

中文翻译：

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国家养老金计划的国际福利溢出

我们采用两个国家的重叠世代模型来研究由政府管理的养老金的不对称提供引起的家庭投资选择的国际范围。我们研究了风险分担的结果模式以及对国内外代理商的相应福利影响。在家中采用定义好的收益即付即用系统，以牺牲家庭工人为代价，增加了所有其他代理的福利，并提高了国外代际风险分担的程度。相反，界定缴款制度会导致两个家庭群体的福利损失，并伴随国外收益，但确实增加了国内代际风险分担的程度。