Showing 1 - 10 of 206
Studies of the empirical relationship between income and mortality often rely on data aggregated by geographic areas … between individual mortality and lifetime income with a large micro data base of current and former retired participants in … death between low and high lifetime income are on the order of two to three years. Income-related mortality differences …
Persistent link: https://www.econbiz.de/10014400785
This paper develops an overlapping agents model with age-specific mortality rates. The analytical framework also nests … Blanchard''s (1985) ""perpetual youth"" model as a special, though perhaps not realistic, case. With age specific mortality … replicate the empirical relation between age and mortality. The comparative implications for deficit finance are also examined …
Persistent link: https://www.econbiz.de/10014400071
This paper considers the implications of the prospective aging of the U.S. population for the social security system and concludes that the large and growing cashflow surpluses of the social security trust funds should be saved to help insulate living stands against this change. A number of...
Persistent link: https://www.econbiz.de/10014396207
Unlike conventional fiscal sustainability assessments, the Value-at-Risk approach developed in this paper explicitly captures the contribution of key risk variables to public sector vulnerability. In an illustrative application to Ecuador, the VaR approach confirms a significant risk of...
Persistent link: https://www.econbiz.de/10014403838
Natural disasters are an important source of vulnerability in the Caribbean region. Despite being one of the more disaster-prone areas of the world, it has one of the lowest levels of insurance coverage. This paper examines the vulnerability of Belize''s public finance to the occurrence of...
Persistent link: https://www.econbiz.de/10014401687
This paper develops a simple methodology to test for asset integration, and applies it within and between American stock markets. Our technique relies on estimating and comparing expected risk-free rates across assets. Expected risk-free rates are allowed to vary freely over time, constrained...
Persistent link: https://www.econbiz.de/10014404174
Significant aging is projected for many high-saving emerging economies of East and Southeast Asia. By 2025, the share of the elderly in their populations will at least double in most of these countries. The share of the young will fall. Aging populations could adversely affect saving rates in...
Persistent link: https://www.econbiz.de/10014400307
The paper assesses the government expenditure effects from changing demographics in the Asian “Tiger” economies through 2050. With some exceptions, their limited social insurance commitments initially suggest that aging populations may not adversely affect fiscal balances. Yet for all the...
Persistent link: https://www.econbiz.de/10014400543
between changes in birth and mortality rates on the one hand, and dependency ratios on the other, is first discussed, then …
Persistent link: https://www.econbiz.de/10014398007
Investors seek to hedge against interest rate risk by taking long or short positions on bonds of different maturities. We study changes in risk taking behavior in a low interest rate environment by estimating a market stochastic discount factor that is non-linear and therefore consistent with...
Persistent link: https://www.econbiz.de/10012251301