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A tradeoff between the output and current account effects of pension reform
Catalán, Mario; Magud, Nicolas - 2012
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...
Persistent link: https://www.econbiz.de/10012671560
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Migration and Pension
Sadka, Efraim - 1998
Migrants, being relatively low earners, are net beneficiaries of the welfare state. However, this paper uses a dynamic model to show that because of migrants’ positive influence on the pension system, which is an important pillar of any welfare state, migration could be beneficial to all...
Persistent link: https://www.econbiz.de/10014401510
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Pension Reform, Private Saving, and the Current Account in a Small Open Economy
Schimmelpfennig, Axel - 2000
The macroeconomic implications of a pension reform that substitutes a high-return fully-funded system for a low-return pay-as-you-go system are discussed in an overlapping generations, neoclassical growth model. With forward-looking individuals, a debt-financed reform worsens the current...
Persistent link: https://www.econbiz.de/10014403806
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Optimal Fiscal Policy and Government Provision of Contingent Liabilities : The Example of Government Loan and Deposit Guarantees
International Monetary Fund - 1989
The optimal provision of loan guarantees or deposit insurance is examined in the context of an overlapping generations model. It is demonstrated that even in the face of a market imperfection that precludes diversification of the private sector’s loan portfolio to eliminate risk, full...
Persistent link: https://www.econbiz.de/10014395814
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Microeconomic Implications of Remittances in an Overlapping Generations Model with Altruism and Self-Interest
Melkonyan, Tigran A. - 2008
leveraging their savings to borrow from the banking system to expand their business activities. This evidence suggests that the …
Persistent link: https://www.econbiz.de/10014401824
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Mortgage Market Development, Savings, and Growth
Li, Xiaowei - 2001
Jappelli and Pagano (1994) argues that tightening the borrowing constraints in the mortgage markets promotes savings … savings and growth rates to fall. Therefore, for countries with scarce mortgage availability like those in the Middle East …, expanding the mortgage markets to some extent is conducive to savings and growth …
Persistent link: https://www.econbiz.de/10014403815
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Generational Accounts, Aggregate Savings, and Intergenerational Distribution
Buiter, Willem H. - 1996
Are generational accounts informative about the effect of the budget on the intergenerational distribution of resources and on aggregate saving? First, the usefulness of generational accounts lives or dies with the strict life-cycle model of household consumption. Second, even if the life-cycle...
Persistent link: https://www.econbiz.de/10014397511
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Implications of More Precise Information for Technological Development and Welfare
Eckwert, Bernhard - 2007
This paper analyzes the dynamic interactions between the precision of information, technological development, and welfare within an overlapping generations model. More precise information about idiosyncratic production shocks has ambiguous effects on technological progress and welfare, which...
Persistent link: https://www.econbiz.de/10014400723
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Demographic transition and pension reforms : adding demographics to GIMF
Carton, Benjamin; Fernandez-Corugedo, Emilio; Hunt, … - 2020
The Global Integrated Monetary and Fiscal model (GIMF) is a multi-region, forward-looking, DSGE model developed at the International Monetary Fund for policy analysis and international economic research. This paper documents the incorporation of demographic features into the model. The analysis...
Persistent link: https://www.econbiz.de/10012300678
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A framework for assessing the costs of pension reform reversals
Baksa, Daniel; Munkacsi, Zsuzsa; Nerlich, Carolin - 2020
Several European countries are currently considering reversing parts of their pension reforms that were adopted previously to improve sustainability. In this paper we present a framework that allows us to quantify the macroeconomic and fiscal costs of such reversals. We thereby integrate the...
Persistent link: https://www.econbiz.de/10012299350