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has been cited by the following article:

• TITLE: Multiple Equilibria between Fertility Rates and Pension Levels Based on the Target Level of Government Debt

  AUTHORS: Hideki Nakamura, Masaya Yasuoka

  KEYWORDS: Fertility, Pensions, Target Level of Government Debt, Multiple Equilibria

  JOURNAL NAME: Theoretical Economics Letters, Vol.1 No.3, November 3, 2011

  ABSTRACT: We show that when the government has a target debt level, multiple equilibria exist in the relationship between fertility rates and pension levels. One is associated with a high fertility rate and a high pension level. The other is associated with a low fertility rate and a low pension level. If the government fails to provide adequate security for individuals during their retirement years, it would result in a failure of coordination between the government and individuals.