Pension Reforms Labor Supply And Savings

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The Impact of Rapid Aging and Pension Reform on Savings and the Labor Supply

Author : Hui He
Publisher : International Monetary Fund
ISBN 13 : 1498302890
Total Pages : 59 pages
Book Rating : 4.4/5 (983 download)

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Book Synopsis The Impact of Rapid Aging and Pension Reform on Savings and the Labor Supply by : Hui He

Download or read book The Impact of Rapid Aging and Pension Reform on Savings and the Labor Supply written by Hui He and published by International Monetary Fund. This book was released on 2019-03-18 with total page 59 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study, both empirically and quantitatively, the role of savings and the labor supply in self-insurance channels over the life cycle when one faces not only idiosyncratic income risks, but also changes in longevity risk and pension benefits. We pick China as a case study since China has undergone a dramatic process of rapid aging and a tremendous reduction in social security benefits for the period 1995-2009. We find that both savings and the labor supply are quantitatively important self-insurance channels in responding to changes in longevity risk and pension benefits, and the responses via adjustment to savings and labor supply have significant macroeconomic implications. Applying the model to China, we find that the pension reform and rapid aging together contribute 55 percent of the increase in the household saving rate from 1995 to 2009, and they jointly capture about 64 percent of the drastic increase in the labor supply for the same period.

Pension Reforms, Labor Supply and Savings

Author : Max Groneck
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Pension Reforms, Labor Supply and Savings by : Max Groneck

Download or read book Pension Reforms, Labor Supply and Savings written by Max Groneck and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Supply-Side Consequences of Social Security Reform

Author : Barry Bosworth
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)

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Book Synopsis Supply-Side Consequences of Social Security Reform by : Barry Bosworth

Download or read book Supply-Side Consequences of Social Security Reform written by Barry Bosworth and published by . This book was released on 2008 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform can potentially increase saving and improve incentives for labor force participation later in life. We investigate whether these effects are likely to occur and the potential size of the effects on private and total saving and on employment past age 55. Our survey of existing evidence and new empirical analysis focus on three issues: The possible reduction in other government saving if more assets are accumulated in a public retirement program; the reduction in non-pension private saving if assets are accumulated in new private retirement accounts; and the increase in old-age labor supply that could occur if Social Security benefits are reduced. We find mixed evidence that faster accumulation of assets in public or private retirement funds would produce higher public and private saving. Using the most optimistic estimates of the public saving response to faster accumulation in public retirement funds, we find advance funding will cause a big increase in aggregate saving and future national income. However, international evidence suggests governments are likely to offset a large percentage of public pension fund accumulation by reducing saving in other government accounts. The evidence on private saving suggests that savers tend to offset faster accumulation of assets in pension accounts with lower saving in non-pension accounts. Most empirical estimates of the labor supply response to Social Security reductions imply the response will be small. Even using unrealistically high estimates of responsiveness, we find that a one-third cut in benefits will add less than 3 percent to the future labor force.

The Challenge of Public Pension Reform in Advanced and Emerging Economies

Author : Mr.Benedict J. Clements
Publisher : International Monetary Fund
ISBN 13 : 147556631X
Total Pages : 86 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis The Challenge of Public Pension Reform in Advanced and Emerging Economies by : Mr.Benedict J. Clements

Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.

Macroeconomic Effects of Public Pension Reforms

Author : Ms.Anita Tuladhar
Publisher : International Monetary Fund
ISBN 13 : 1455211788
Total Pages : 65 pages
Book Rating : 4.4/5 (552 download)

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Book Synopsis Macroeconomic Effects of Public Pension Reforms by : Ms.Anita Tuladhar

Download or read book Macroeconomic Effects of Public Pension Reforms written by Ms.Anita Tuladhar and published by International Monetary Fund. This book was released on 2010-12-01 with total page 65 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a reduction in benefits and an increase in contribution rates. Using a five-region version of the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short run, propelled by rising consumption, and in the long run, due to lower government debt crowding in higher investment. We also find that a reform action undertaken cooperatively by all regions results in larger output effects, reflecting stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact in the short run, due to the demand effects of higher labor income and in the long run because of supply effects.

Pension Strategies in Europe and the United States

Author : Robert Fenge
Publisher : MIT Press
ISBN 13 : 0262062720
Total Pages : 311 pages
Book Rating : 4.2/5 (62 download)

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Book Synopsis Pension Strategies in Europe and the United States by : Robert Fenge

Download or read book Pension Strategies in Europe and the United States written by Robert Fenge and published by MIT Press. This book was released on 2008 with total page 311 pages. Available in PDF, EPUB and Kindle. Book excerpt: Demographic realities will soon force developed countries to find ways to pay for longer retirements for more people. In Pension Strategies in Europe and the United States, leading economists analyze topical issues in pension policy, with a focus on raising the retirement age, increasing retirement savings, and the political sustainability of reforms that will accomplish these goals. After a substantive and wide-ranging introduction by the editors that weaves together the demographic and economic strands of the story, the chapters present cutting-edge research, offering both theoretical and empirical analyses. Contributors examine such topics as the reform of key structural features of existing pay-as-you-go (PAYG) pension systems, analyzing how benefits should vary with the age of retirement, labor supply elasticity after France's 1993 pension reform, and fiscal response to a demographic shock; the feasibility of PAYG reforms in the United States and the competition among state pension systems that results from labor mobility in Europe; and private, funded systems (increasingly perceived as necessary adjuncts to PAYG systems) in the UK, the US, and the Netherlands, and in terms of individual portfolio management. The editors conclude the volume with a study of recent German and UK reforms and their effects on personal savings.ContributorsTheodore C. Bergstrom, A. Lans Bovenberg, Antoine Bozio, Woojen Chung, Juan C. Conesa, Gabrielle Demange, Richard Disney, Carl Emmerson, Robert Fenge, Luisa Fuster, Carlos Garriga, Christian Gollier, John L. Hartman, Ayse Imrohoroglu, Selahattin Imrohoroglu, Thijs Knaap, Georges de Ménil, Pierre Pestieau, Eytan Sheshinski, Matthew WakefieldRobert Fenge is Senior Research Fellow at the Ifo Institute for Economic Research and Assistant Professor of Economics at the University of Munich. Georges de Ménil is Professor of Economics at École des Hautes Études en Sciences Sociales (EHESS), Paris. Pierre Pestieau is Professor of Economics at the University of Liège. Fenge and Pestieau are coauthors of Social Security and Early Retirement (MIT Press, 2005).

Reforming Pensions

Author : Nicholas Barr
Publisher : Oxford University Press
ISBN 13 : 0199889066
Total Pages : 261 pages
Book Rating : 4.1/5 (998 download)

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Book Synopsis Reforming Pensions by : Nicholas Barr

Download or read book Reforming Pensions written by Nicholas Barr and published by Oxford University Press. This book was released on 2009-11-30 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.

Social Security, Benefit Claiming, and Labor Force Participation

Author : Selahattin Imrohoroglu
Publisher : DIANE Publishing
ISBN 13 : 1437930913
Total Pages : 37 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis Social Security, Benefit Claiming, and Labor Force Participation by : Selahattin Imrohoroglu

Download or read book Social Security, Benefit Claiming, and Labor Force Participation written by Selahattin Imrohoroglu and published by DIANE Publishing. This book was released on 2011 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a print on demand edition of a hard to find publication. A general equilibrium model of overlapping generations that incorporates endogenous saving, labor force participation, work hours, and Social Security (SS) benefit claims. Three SS reforms are studied: 1) a reduction in benefits and payroll taxes; 2) an increase in the earliest retirement age, to 64 from 62; and 3) an increase in the normal retirement age, to 68 from 66. A 50% cut in the scope of the current system significantly raises asset holdings and the labor input, through higher participation of older workers, and reduces the shortfall of the SS budget. Increasing the normal retirement age also raises saving and the labor supply, but the effects are smaller. Postponing the earliest retirement age has only a negligible effect. Charts and tables.

Lessons from Pension Reform in the Americas

Author : Stephen J. Kay
Publisher : Oxford University Press, USA
ISBN 13 : 0199226806
Total Pages : 446 pages
Book Rating : 4.1/5 (992 download)

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Book Synopsis Lessons from Pension Reform in the Americas by : Stephen J. Kay

Download or read book Lessons from Pension Reform in the Americas written by Stephen J. Kay and published by Oxford University Press, USA. This book was released on 2008 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Provides an analysis of pension reform in all the major countries in the Americas, including successes and failures.

A Tradeoff between the Output and Current Account Effects of Pension Reform

Author : Mr.Mario Catalan
Publisher : International Monetary Fund
ISBN 13 : 1475576358
Total Pages : 24 pages
Book Rating : 4.4/5 (755 download)

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Book Synopsis A Tradeoff between the Output and Current Account Effects of Pension Reform by : Mr.Mario Catalan

Download or read book A Tradeoff between the Output and Current Account Effects of Pension Reform written by Mr.Mario Catalan and published by International Monetary Fund. This book was released on 2012-12-03 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.

The Future of Saving

Author : Mr.David Amaglobeli
Publisher : International Monetary Fund
ISBN 13 : 1484394585
Total Pages : 47 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis The Future of Saving by : Mr.David Amaglobeli

Download or read book The Future of Saving written by Mr.David Amaglobeli and published by International Monetary Fund. This book was released on 2019-01-15 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This SDN explores how demographic changes have affected and will affect public and private sector savings, highlighting the interaction between pension systems, labor markets, and demographic variables.

DYNAMIC LABOR SUPPLY AND SAVING INCENTIVES UNDER A PRIVATIZED PENSION SYSTEM: EVIDENCE FROM CHILE

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (727 download)

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Book Synopsis DYNAMIC LABOR SUPPLY AND SAVING INCENTIVES UNDER A PRIVATIZED PENSION SYSTEM: EVIDENCE FROM CHILE by :

Download or read book DYNAMIC LABOR SUPPLY AND SAVING INCENTIVES UNDER A PRIVATIZED PENSION SYSTEM: EVIDENCE FROM CHILE written by and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile became in 1981 the first country to opt for a pension program based on privately-managed individual pension accounts. 27 years later, after recognizing that a large fraction of the workforce was effectively not covered by the individual capitalization scheme, Chile implemented an important reform that increased the coverage and generosity of state-financed minimum pension benefits, thereby expanding the role of the State in the pension system. The purpose of this dissertation is to understand how the design of a privatized pension system with mandatory pension contributions and a state-financed safety net affects a household's economic decisions, in order to investigate the causes of the low coverage rate of the pension system, and to predict the effects of the 2008 reform. Linked administrative and self-reported data on employment histories, earnings and savings are used to estimate a dynamic behavioral model in which a couple faces a labor market composed of a covered sector, that is subject to mandatory pension contributions, and an uncovered sector of self-employed and informal jobs. In addition to the pension savings, which are illiquid until retirement, the couple can save privately in a risk-free asset. The estimated model is used to determine the extent to which the pension contributions reduce the pension system's coverage rate and crowd out private savings. Then, the expanded safety net implemented by the 2008 reform is introduced into the model to evaluate ex-ante its potential effects in terms of coverage, saving decisions and the fiscal cost of the reform.

Pension Reform

Author : Maarten Lindeboom
Publisher :
ISBN 13 :
Total Pages : 58 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Pension Reform by : Maarten Lindeboom

Download or read book Pension Reform written by Maarten Lindeboom and published by . This book was released on 2018 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In January 2006, the Dutch government implemented a pension reform that substantially reduced the public pension wealth of workers born in 1950 or later. At the same time, a tax-facilitated savings plan was introduced that substantially reduced the saving costs of all workers, irrespective of birth year. This paper uses linked administrative and survey data to assess the effect of the reform on the savings and retirement expectations and realizations of two virtually identical male cohorts that differ only in treatment status, the treated having been born in 1950 and the controls having been born in 1949.We show that retirement expectations are in line with realizations and that the reform had the intended effect on the labor supply for the larger part of the workers, namely, those without sufficient means to substantially increase private savings to counter the effect of the reform. These workers, who are generally in worse health, have zero substitution rates between private and public wealth. On the other hand, there is a group of mostly high-wage workers who participate in the tax-facilitated Life Course Savings Scheme and who increase private savings to fully counter the impact of the drop in public wealth. A further, unintended side effect of the introduction of the tax-facilitated savings plan is that high wage earners who are not affected by the drop in pension wealth retire even sooner than initially planned.

Pension Reform and Economic Theory

Author : Sergio Cesaratto
Publisher : Edward Elgar Publishing
ISBN 13 : 1781007454
Total Pages : 378 pages
Book Rating : 4.7/5 (81 download)

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Book Synopsis Pension Reform and Economic Theory by : Sergio Cesaratto

Download or read book Pension Reform and Economic Theory written by Sergio Cesaratto and published by Edward Elgar Publishing. This book was released on 2014-05-14 with total page 378 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Academics and practitioners interested in the pension debate, welfare state, income distribution and institutions will find Pension Reform and Economic Theory of great interest, as will demographers, political scientists and mainstream economists open to dissenting views in economic analysis and interested in understanding the economic foundations of pension reform proposals."--BOOK JACKET.

Reforming Pensions: Principles and Policy Choices

Author : Nicholas Barr
Publisher : Oxford University Press
ISBN 13 : 0199885990
Total Pages : 763 pages
Book Rating : 4.1/5 (998 download)

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Book Synopsis Reforming Pensions: Principles and Policy Choices by : Nicholas Barr

Download or read book Reforming Pensions: Principles and Policy Choices written by Nicholas Barr and published by Oxford University Press. This book was released on 2008-09-17 with total page 763 pages. Available in PDF, EPUB and Kindle. Book excerpt: Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.

Prospects for Social Security Reform

Author : Olivia S. Mitchell
Publisher : University of Pennsylvania Press
ISBN 13 : 9780812234794
Total Pages : 446 pages
Book Rating : 4.2/5 (347 download)

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Book Synopsis Prospects for Social Security Reform by : Olivia S. Mitchell

Download or read book Prospects for Social Security Reform written by Olivia S. Mitchell and published by University of Pennsylvania Press. This book was released on 1999-01-29 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States social security system is the nation's largest social insurance program. As such, it has a far-reaching impact throughout the economy, influencing not only old-age economic security but also many behaviors, including corporate employment policy, retirement patterns, and personal saving. In the past, the system's universal coverage and generous benefits ensured popular support to a degree enjoyed by no other form of "big government" social spending. Yet over two-thirds of all Americans today believe that the social security system will face bankruptcy by the time they retire. The question of social security reform—how to reform the system or whether the system needs reform at all—is the subject of heated debate at all levels of government, in the media, and among workers, pensioners, and employers. Prospects for Social Security Reform informs the debate by exploring why the system is at a crossroads today and what to do about it. Contributors detail the size and nature of the problem, explain views of key "stakeholders" regarding reform options, and report new evidence on how reform might affect the economy. Research findings and public opinion polls are analyzed, as are lessons from other countries experimenting with new ways to deliver old-age benefit promises. No other volume includes as diverse and expert a set of perspectives on reform and privatization as those gathered here from economists, actuaries, employers, investment managers, and representatives of organized labor. Among its chapters is the path-breaking study "Social Security Money's Worth," the 1999 winner of the TIAA-CREF's Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security.

Demographics, Pension Systems and the Saving-Investment Balance

Author : Hua Chai
Publisher : International Monetary Fund
ISBN 13 : 148438587X
Total Pages : 21 pages
Book Rating : 4.4/5 (843 download)

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Book Synopsis Demographics, Pension Systems and the Saving-Investment Balance by : Hua Chai

Download or read book Demographics, Pension Systems and the Saving-Investment Balance written by Hua Chai and published by International Monetary Fund. This book was released on 2018-12-07 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the effect of demographic change on national saving, global interest rates, and international capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations model to illustrate the channels through which demographic variables and pension system generosity interact to affect both private and public saving behavior. We then extend this framework to a two-country setting and simulate scenarios of demographic change and pension reform. We find that the generosity of the pension system plays an important role in determining the movement of the global interest rate and patterns of international capital flows.