1998. január 1-jén a felosztó-kirovó társadalombiztosítási nyugdíjrendszer vegyes rendszerré alakult, amely kötelező az 1998. június 30-a után munkába állók számára, és választható másoknak. A jelenleg érvényes tb-nyugdíj körülbelül egynegyed részét egy...

Generous early retirement provisions account for a large proportion of the drop in the labour force participation of elderly workers. The aim of this paper is to provide a political-economic explanation of the wide spread adoption of early retirement. We suggest that the political support for...

The dramatic rise in the US social security and public health expenditure is only partially explained by the demographic trend. We suggest that the political complementarity between these two programmes induced a multiplicative response to the ageing process. Public health care increases the...

Generous early retirement provisions account for a large proportion of the drop in the labor force participation of elderly workers. The aim of this paper is to provide a positive theory of early retirement. We suggest that the political support for generous early retirement provisions relies...

Why does the largest US welfare programme select its recipients by their age, rather than by their earnings or wealth? In a dynamic efficient overlapping generation economy with earnings heterogeneity, we analyze a welfare system composed of a within-cohort redistribution scheme and an unfunded...

Early retirement represents a policy response to the appearance of a mass of redundant middle-aged workers, who were not entitled to a pension transfer in their old age. This policy is distortionary, since it reduces the incentive to accumulate human capital, hence decreasing economic growth: it...

We provide a long-term perspective on the individual retirement behaviour and on the future of early retirement. In a cross-country sample, we find that total pension spending depends positively on the degree of early retirement and on the share of elderly in the population, which increase the...

Egy korábbi dolgozatomban (Simonovits [1998a]) az új magyar nyugdíjrendszert és annak néhány kérdését elemeztem. Abban a cikkben célszerűnek láttam, hogy elkerüljem a matematikai modelleket, és csak röviden utaltam a modellezés eredményeire. Ebben a dolgozatban mintegy pótolom...

We extend the benchmark model of Aghion and Blanchard (1994), assuming two segments of the emerging private sector that differ in workers’ productivity. We look at the paths of employment, wages, taxes, labor costs and profits during and after the transition, up until the shock is fully...

Conventional economic wisdom suggests because of the aging process, social security systems will have to be retrenched. In particular, retirement age will have to be largely increased. Yet, is this policy measure feasible in OECD countries? Since the answer belongs mainly to the realm of...