本文架構一個三期的疊代模型，來分析完全提存之社會安全制度對於經濟成長之影響；本文模型的經濟成長動力來源為人力資本的累積。在借貸完全的資本市場假設下，家計單位可以透過借貸行為極大化個人效用。研究結果顯示，代表性個人退休時，如果僅能獲得個人退休金帳戶之資金運用累積收益，則完全提存制度的施行不會對於經濟成長造成影響。但若代表性個人退休時，除了可以獲得個人退休金帳戶之資金運用累積收益外，還可以獲得政府對於個人退休金帳戶之補貼利息，則在平衡經濟成長率高於實質利率的情況下，提存比率的提高或是利率補貼的幅度加大，均有助於促進經濟成長；相反地，在平衡經濟成長率低於實質利率的情況下，提存比率的提高或是利率補貼的幅度加大，反而妨礙經濟成長。

This paper develops a three-period overlapping generations model to study the impact of the fully-funded social security system on economic growth. The engine of growth in this model is human capital accumulation. We assume that the credit market is perfect. We find some interesting results. The fully-funded system has no influence on the economic growth, if the typical household just earns the interest form the pension fund when he retired. However, if the typical household not only earns the interest form the pension fund but also obtains interest subsidy from government when he retired, the fully-funded system can exert an influence on the economic growth. However, the direction of the influence depends upon whether the balanced economic growth rate is higher or lower than the real interest rate. If the balanced economic growth rate is higher than the real interest rate, then the higher pension saving rate or the subsidy rate, the higher the economic growth rate. If the balanced economic growth rate is lower than the real interest rate, then the higher pension saving rate or the subsidy rate, the lower the economic growth rate.

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