Issues in Pension Economics
Issues in Pension Economics

Author: Zvi Bodie

Publisher: University of Chicago Press

Published: 2007-12-01

Total Pages: 390

ISBN-13: 0226062902

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In the past several decades, pension plans have become one of the most significant institutional influences on labor and financial markets in the U.S. In an effort to understand the economic effects of this growth, the National Bureau of Economic Research embarked on a major research project in 1980. Issues in Pension Economics, the third in a series of four projected volumes to result from thsi study, covers a broad range of pension issues and utilizes new and richer data sources than have been previously available. The papers in this volume cover such issues as the interaction of pension-funding decisions and corporate finances; the role of pensions in providing adequate and secure retirement income, including the integration of pension plans with social security and significant drops in the U.S. saving rate; and the incentive effects of pension plans on labor market behavior and the implications of plans on labor market behavior and the implications of plans for different demographic groups. Issues in Pension Economics offers important empirical studies and makes valuable theoretical contributions to current thinking in an area that will most likely continue to be a source of controversy and debate for some time to come. The volume should prove useful to academics and policymakers, as well as to members of the business and labor communities.

Economic Challenges of Pension Systems
Economic Challenges of Pension Systems

Author: Marta Peris-Ortiz

Publisher: Springer Nature

Published: 2020-03-20

Total Pages: 487

ISBN-13: 3030379124

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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.

Essentials of Pension Economics
Essentials of Pension Economics

Author: Sergio Nisticò

Publisher: Springer Nature

Published: 2019-10-14

Total Pages: 127

ISBN-13: 3030264963

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This Palgrave Pivot provides a concise overview of pension systems which, whether paid by governments or by private companies, are the sole source of income for millions of people around the world. By 2050, two billion elderly people will have to be ensured some form of income while, at the same time, the prospect facing younger generations is of a gloomy future. This book breaks down the jargon, investigates different designs and analyses these designs' effects on financial sustainability, their adequacy when it comes to level and replacement rates, and their effects on intra- and inter-generational distribution. The author provides also an overview of the historical, demographic and political issues connected with the pension debate. This book will be of interest to students and academics, and professionals involved in the pensions industry.

Pension Reform
Pension Reform

Author: Nicholas Barr

Publisher: Oxford University Press

Published: 2009-11-30

Total Pages: 261

ISBN-13: 0195387724

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This book is an abridgement of Barr and Diamond's Reforming Pensions: Principles and Policy Choices (OUP, 2008). It begins with the introduction to the earlier book, includes the concluding chapters to the sections on principles and on policy choices and the concluding policy chapter to the book. It summarizes the Chile and China chapters into a section of five pages. It presents material from some of the boxes of the longer book. While the longer book remains as a definitive and detailed analysis of pension reform, this new, shorter book conveys the message and conclusions to policy makers, journalists writing for the general public, and students being introduced to social security and other pension policy.The topic being condensed and summarized here is described at length in the earlier book. It stems from rapidly changing economic conditions and dramatic increases in life expectancy. Newspaper headlines across the globe anticipate again and again a massive rupture of social security and retirement systems. With public fears on the rise, officials in many countries under pressure to solve problems quickly are turning their backs on traditional pay-as-you-go systems in favor of privately financed retirement plans. Barr and Diamond demonstrate that in the age of globalization these problems are no longer simply domestic problems. Because trade borders are becoming increasingly open and digital transactions are hastily erasing national economic boundaries, countries are no longer able to act independently in setting pension policies. These problems are particularly exacerbated in China, a state where massive restructuring of state-owned enterprises and comparatively recent dynamic entry into global markets have already taxed a system whose enormous burden is to support the retirement of the world's largest national population. The authors address these issues comprehensively in a thorough survey of pension economic principles and application to China.

Older and Wiser
Older and Wiser

Author: Lawrence Thompson

Publisher: Routledge

Published: 2019-05-23

Total Pages: 176

ISBN-13: 0429827695

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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

Pension Strategies in Europe and the United States
Pension Strategies in Europe and the United States

Author: Robert Fenge

Publisher: MIT Press

Published: 2008

Total Pages: 311

ISBN-13: 0262062720

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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).

Assessing Chile's Pension System: Challenges and Reform Options
Assessing Chile's Pension System: Challenges and Reform Options

Author: Samuel Pienknagura

Publisher: International Monetary Fund

Published: 2021-09-10

Total Pages: 52

ISBN-13: 151359611X

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Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.

Pensions at a Glance 2019 OECD and G20 Indicators
Pensions at a Glance 2019 OECD and G20 Indicators

Author: OECD

Publisher: OECD Publishing

Published: 2019-11-27

Total Pages: 224

ISBN-13: 9264876103

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The 2019 edition of Pensions at a Glance highlights the pension reforms undertaken by OECD countries over the last two years. Moreover, two special chapters focus on non-standard work and pensions in OECD countries, take stock of different approaches to organising pensions for non-standard workers in the OECD, discuss why non-standard work raises pension issues and suggest how pension settings could be improved.

Public Policy Toward Pensions
Public Policy Toward Pensions

Author: Sylvester J. Schieber

Publisher: MIT Press

Published: 1997

Total Pages: 360

ISBN-13: 9780262193870

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According to Schieber and Shoven, pension policy will emerge as one of the key economic issues of the next decade. This book provides a guide to the debate.Public and private pensions control almost a quarter of the United States' tangible wealth--equivalent to all of the country's residential real estate. They account for most current saving in the country, are a crucial component of household retirement resources, and have significant effects on labor market mobility and efficiency. Collectively, they hold a tremendous proportion of all common stock. The stock market has boomed during the past decade, as baby boomers have rapidly accumulated pension assets. Now economists are starting to wonder what will happen when the baby boomers retire. It is already clear that the Social Security system will require drastic changes to remain solvent. Will the stock market experience a similar meltdown as baby boomers withdraw their assets from pension plans? What policies might help to avoid such a crisis? According to Schieber and Shoven, pension policy will emerge as one of the key economic issues of the next decade. This book provides a guide to the debate. Topics include the impact of pensions on personal and national saving, the potential for a Pension Benefit Guarantee Corporation financial crisis, the dramatic growth in 401(k) plans, public sector plants, the prospects for adequate retirement income in the future, and recommended directions for pension policies. The book contains ten chapters, four written by Schieber and Shoven.ContributorsRobert Clark, Ping-Lung Hsin, Olivia Mitchell, James Poterba, Andrew Samwick, Jonathan Skinner, Steven Venti, Carolyn Weaver, David Wise, and Elisa Wolper.

Reforming Pensions: Principles and Policy Choices
Reforming Pensions: Principles and Policy Choices

Author: Nicholas Barr

Publisher: Oxford University Press

Published: 2008-09-17

Total Pages: 763

ISBN-13: 0199885990

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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.