Public Pensions Capital Formation And Economic Growth
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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.
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.
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.
Public Pension Funds And The Politics Of Capital Formation In Sweden
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Author : Jonas Pontusson
language : en
Publisher:
Release Date : 1984
Public Pension Funds And The Politics Of Capital Formation In Sweden written by Jonas Pontusson and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Pension trusts categories.
Social Security And Pensions
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Author : United States. Congress. Joint Economic Committee
language : en
Publisher:
Release Date : 1980
Social Security And Pensions written by United States. Congress. Joint Economic Committee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Old age pensions categories.
Economic Policy For Aging Societies
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Author : Horst Siebert
language : en
Publisher: Springer Science & Business Media
Release Date : 2002-08-02
Economic Policy For Aging Societies written by Horst Siebert 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 2002-08-02 with Political Science categories.
In this volume, economists discuss the long-run consequences of aging societies. Using theoretical economic models, long-term projections and simulations, and econometric analysis, answers to the following questions are given: What are the economic consequences for consumption patterns, the supply of labor, capital accumulation, productivity, and the international flow of capital? Where are the political consequences for pension systems, health care and immigration policy? And what changes in politics are needed to handle the issues of populations that age markedly?
Older And Wiser
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Author : Lawrence H. Thompson
language : en
Publisher: Rowman & Littlefield Publishers
Release Date : 1998
Older And Wiser written by Lawrence H. Thompson and has been published by Rowman & Littlefield Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
The author explores the critical economic issues underlying national pension systems, including the impact of pensions on a nation's economy, the fiscal dynamics of different pension approaches, and the challenges involved in providing adequate retirement incomes. He concludes that some aspects of the effort to reform the traditional defined-benefit, pay-as-you-go social security program deserve to be taken seriously, but others are either unsupported by current economic knowledge or overstated. This study was commissioned by the International Social Security Association.
Capital Mobility Fiscal Policy And Growth Under Self Financing Of Human Capital Formation
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Author : Willem H. Buiter
language : en
Publisher:
Release Date : 1995
Capital Mobility Fiscal Policy And Growth Under Self Financing Of Human Capital Formation written by Willem H. Buiter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Capital categories.
This paper considers the effects of fiscal and financial policy on economic growth in open and closed economies, when human capital formation by young households is constrained by the illiquidity of human wealth. Both endogenous and exogenous growth versions of the basic OLG model are analyzed. We find that intergenerational redistribution policies that discourage physical capital formation may encourage human capital formation. Despite common technologies and perfect international mobility of financial capital, the non- tradedness of human capital and the illiquidity of human wealth make for persistent differences in productivity growth rates (in the endogenous growth version of the model) or in their levels (in the exogenous growth version). We also consider the productivity growth (or level) effects of public spending on education and of the distortionary taxation of financial asset income.
Private Pension Funds
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Author : Daniel Mark Holland
language : en
Publisher:
Release Date : 1966
Private Pension Funds written by Daniel Mark Holland and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1966 with Law categories.