Public Pensions And Economic Growth
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Public Pensions And Economic Growth
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Author : Berthold U. Wigger
language : en
Publisher: Springer Science & Business Media
Release Date : 2013-03-20
Public Pensions And Economic Growth written by Berthold U. Wigger and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-03-20 with Business & Economics categories.
This book contains material that I have presented in seminars at the Universities of Bochum, Mannheim, Munich, Salerno, and Southern California at Los Angeles, the Institute for Advanced Studies in Vienna, the Max-Planck-Institute for Demographic Research in Rostock, and on various international meetings and conferences. In preparing and revising the material I have benefited from comments, discussions, and advice from several colleagues. I had particularly close and friendly collaboration with Alexander Kemnitz and Robert von Weizsicker to whom I am very grateful. I am also grateful to Michele Boldrin, Axel Borsch-Supan, Friedrich Breyer, Karen Feist, Tullio Jappelli, Leo Kaas, Marco Pagano, Gerhard Schwooiauer, Carl Christian von Weizsacker, and Wolfgang Wiegard for their comments and suggestions. Finally, I would like to thank the Deutsche Forschungsgemeinschaft for financial support. Mannheim, January 2002 Berthold U. Wigger Contents 1. Introduction ... 1 2. Public Pensions and Economic Growth: The Basic Framework . . 5 2. 1. The Analytical Elements 7 2. 1. 1. The Individuals 7 2. 1. 2. The Firms 10 2. 1. 3. The Public Pension Program 11 2. 1. 4. The Competitive Equilibrium 12 2. 2. Productivity Growth 13 2. 3. Allocative Efficiency 19 2. 4. Public Pension Reform 25 Appendix 2 ... 30 3. The Allocative Role of Intergenerational Transfers in Endogenous Growth Economies 33 3. 1. Investment Externalities, Intergenerational Transfers, and Pareto-improvements ... 35 Contents x 3. 1. 1. A Subsidy to Private Savings 35 3. 1. 2. A Pareto-Improving Policy 38 3. 2.
Public Pensions Capital Formation And Economic Growth
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Author : Miltiadis Nektarios
language : en
Publisher: Routledge
Release Date : 2019-09-16
Public Pensions Capital Formation And Economic Growth written by Miltiadis Nektarios and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-16 with Political Science categories.
Dr. Nektarios examines the principles and criteria under lying public pension programs and assesses the effect of these programs on general economic growth. He begins by discussing the economic rationale of public pensions, then analyzes the influence of economic and demographic variables on the cost of a pension program and the effects of public pension systems on aggregate levels of income and capital stock. Suggesting that Feldstein's social security wealth(SSW) variable overestimates the amount of wealth generated by public pensions, Dr. Nektarios constructs a new SSW variable and uses it to estimate the impact of the u.s. Old Age and Survivors Insurance(OASI) program on capital formation and economic growth in the U.S. economy. The results of his econometric analysis suggest that operation of the OASI program has reduced capital formation by 10to 14 percent.
Older And Wiser
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Author : Lawrence Thompson
language : en
Publisher: Routledge
Release Date : 2019-05-23
Older And Wiser written by Lawrence Thompson and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-23 with Social Science categories.
First published in 1998, this volume was developed as part of the Stockholm Initiative and sets out to assess the situation of providing for retirement and pensions. In the wake of intense debate over pay-as-you-go pensions, Lawrence Thomson for the most part leaves social and cultural issues for subsequent analysis, instead examining the economic
Economic Challenges Of Pension Systems
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Author : Marta Peris-Ortiz
language : en
Publisher: Springer Nature
Release Date : 2020-03-20
Economic Challenges Of Pension Systems written by Marta Peris-Ortiz and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-20 with Business & Economics categories.
This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the OECD warn that the economic changes driven by an aging society negatively affects the sustainability of pension systems. This book analyzes different global public pension systems to offer policies, methods and tools for sustainable public pensions. Real case studies from France, Sweden, Latin America, Algeria, USA and Mexico are featured.
Pension Reform Financial Market Development And Economic Growth
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Author : Mr.Robert Holzmann
language : en
Publisher: International Monetary Fund
Release Date : 1996-08-01
Pension Reform Financial Market Development And Economic Growth written by Mr.Robert Holzmann and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-08-01 with Business & Economics categories.
The Chilean pension reform of 1981, in which Chile moved from an unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance since the mid-1980s. The paper highlights the theoretical underpinnings of the claimed economic effects and presents empirical data and preliminary econometric testing of the conjectured growth, capital formation, and saving effects. The empirical evidence is consistent with most of the claims. In particular, the direct impact of financial market development on private saving is found to be negative, which underscores the importance of sound fiscal policy and public saving to support the transition.
Macroeconomic Effects Of Public Pension Reforms
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Author : Ms.Anita Tuladhar
language : en
Publisher: International Monetary Fund
Release Date : 2010-12-01
Macroeconomic Effects Of Public Pension Reforms written by Ms.Anita Tuladhar and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-12-01 with Business & Economics categories.
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.
Reforming The Public Pension System In The Russian Federation
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Author : Frank Eich
language : en
Publisher: International Monetary Fund
Release Date : 2012-08-01
Reforming The Public Pension System In The Russian Federation written by Frank Eich and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-08-01 with Business & Economics categories.
Pension reform is a key policy challenge in Russia. This paper examines how pension spending could increase in Russia in the absence of reforms, quantifies the impact of some recent proposals, and suggests some alternatives that would ensure public pension benefits - relative to wages - not fall from current levels while containing spending.
Pensions In The European Union Adapting To Economic And Social Change
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Author : Gerard Hughes
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Pensions In The European Union Adapting To Economic And Social Change written by Gerard Hughes and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Social Science categories.
The ageing, financial and labour market challenges facing the old age pension systems of the member states of the European Union are well known. Those who cast doubt on the ability of the present system of pension provision - at least to the extent that it is pay-as-you-go financed - to cope with the problems posed by these challenges are getting more vociferous. Increasingly there are calls for pay-as-you-go systems to be cut back and for funded systems to be expanded. This book contests the view that funding is the answer. It shows how adaptable the largely pay-as-you-go old age pension systems in the European Union are. Actuaries, economists, lawyers, political scientists, pension advisers, and sociologists, from nine European countries and the United States, consider four main themes: population ageing, competitiveness and retirement; pension financing and economic growth; adapting pension systems to meet change; and decision-making processes. They argue that pay-as-you-go-financed old age pension systems in the European Union have the ability to successfully adapt to economic and social change provided they do not take on too many non-insurance-related risks. Solving the problems of the labour market and controlling the direction and extent of economic development are beyond the powers of old age pension systems, regardless of how they are structured or financed. Separate budgets for separate risks is an indispensable principle if the complex processes of social protection are to be successfully managed, monitored, and made transparent. There can be no single plan for the future development of old age pension systems which would be universally valid for all the countries of the European Union. A single solution cannot take into account the special circumstances obtaining in every nation, and since respect for the special features of national systems is the basis of popular acceptance, the way forward is to reform existing systems in existing contexts.
Upgrading The Investment Policy Framework Of Public Pension Funds
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Author : Dimitri Vittas
language : en
Publisher: World Bank Publications
Release Date : 2008
Upgrading The Investment Policy Framework Of Public Pension Funds written by Dimitri Vittas and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Alternative asset categories.
Abstract: Public pension funds have the potential to benefit from low operating costs because they enjoy economies of scale and avoid large marketing costs. But this important advantage has in most countries been dissipated by poor investment performance. The latter has been attributed to a weak governance structure, lack of independence from government interference, and a low level of transparency and public accountability. Recent years have witnessed the creation of new public pension funds in several countries, and the modernization of existing ones in others, with special emphasis placed on upgrading their investment policy framework and strengthening their governance structure. This paper focuses on the experience of four new public pension funds that have been created in Norway, Canada, Ireland and New Zealand. The paper discusses the safeguards that have been introduced to ensure their independence and their insulation from political pressures. It also reviews their performance and their evolving investment strategies. All four funds started with the romantic idea of operating as 'managers of managers' and focusing on external passive management but their strategies have progressively evolved to embrace internal active management and significant investments in alternative asset classes. The paper draws lessons for other countries that wish to modernize their public pension funds.
The Challenge Of Public Pension Reform In Advanced And Emerging Economies
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2011-12-28
The Challenge Of Public Pension Reform In Advanced And Emerging Economies written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-28 with Business & Economics categories.
This paper reviews past trends in public pension spending and provides projections for 27 advanced and 25 emerging economies over 2011–2050. In constructing these projections, the paper incorporates the impact of recent pension reforms and highlights the key assumptions underlying these projections and associated risks. The paper also presents reform options to address future pension spending pressures in the advanced and emerging economies. These reforms—mainly increasing retirement ages, reducing replacement rates, or increasing payroll taxes—are discussed in the context of their role in fiscal consolidation, and their implications for both equity and economic growth. In addition, the paper examines the challenge of emerging economies of expanding coverage in a fiscally sustainable manner