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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...
Persistent link: https://www.econbiz.de/10011978553
adjustment to savings and labor supply have significant macroeconomic implications. Applying the model to China, we find that the …We study, both empirically and quantitatively, the role of savings and the labor supply in self-insurance channels over …. We pick China as a case study since China has undergone a dramatic process of rapid aging and a tremendous reduction in …
Persistent link: https://www.econbiz.de/10012009609
From 1995 to 2005, the average urban household saving rate in China rose by 7 percentage points, to 1⁄4 of disposable … income. We use household-level data to explain the postponing of consumption despite rapid income growth. Tracing cohorts … demographic groups, although the age-profile of savings has an unusual U-shaped pattern, with saving rates being the highest among …
Persistent link: https://www.econbiz.de/10014401821
China’s household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U … and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid … increase in income uncertainty. Interestingly, the permanent variance of household income remains stable while it is the …
Persistent link: https://www.econbiz.de/10014403089
Household savings behavior in China during the past 30 years has been studied by using econometric models with the time …
Persistent link: https://www.econbiz.de/10014396466
This paper studies a panel of China''s provinces over the period 1996-2009 during which urban household saving rates … increase in real deposit rates may help lower household saving and boost domestic consumption …
Persistent link: https://www.econbiz.de/10014398358
The Greek pension system has been costly, complex, and distortive, which has contributed to Greece's fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to...
Persistent link: https://www.econbiz.de/10012605604
The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently ranked high worldwide for delivering high replacement rates while featuring strong solidarity among members. Yet the long-term sustainability of the Dutch pension funds has been...
Persistent link: https://www.econbiz.de/10012001594
Past reforms have put the Peruvian pension system on a largely fiscally sustainable path, but the system faces important challenges in providing adequate pension levels for a large share of the population. Using administrative microdata at the affiliate level, we project replacement rates in the...
Persistent link: https://www.econbiz.de/10012102092
This paper outlines some of the arguments for and against the funding of public pensions, with a view to establishing whether there is an economic basis for judging funding to be superior to pay-as-you-go (PAYG). It is argued that funding does not have a clear advantage, and the case for a shift...
Persistent link: https://www.econbiz.de/10014400673