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Increases in longevity mean the size of New Zealand's public retirement income programme, New Zealand Superannuation, will automatically expand unless the age of eligibility is increased. This paper analyses the consequences of expanding New Zealand Superannuation on a save-as-you-go basis...
Persistent link: https://www.econbiz.de/10012115669
Persistent link: https://www.econbiz.de/10010375409
This paper studies how prefunding public pensions can improve policy outcomes when short-sighted governments cannot …. Prefunding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces … temptation to over-redistribute later and to misuse revealed private information. Prefunding may be preferable even if the …
Persistent link: https://www.econbiz.de/10011431188
This paper studies how prefunding public pensions can improve policy outcomes when short-sighted governments cannot …. Prefunding pensions is a commitment mechanism. It implies lower contributions than does the second best policy, which reduces … temptation to over-redistribute later and to misuse revealed private information. Prefunding may be preferable even if the …
Persistent link: https://www.econbiz.de/10011405644
In this paper we address the question how the generosity of the benefit rule of the German public pension system has changed during the past three decades and how this development can be explained by demographic changes. Firstly, we illustrate the political risk of benefit rule changes for...
Persistent link: https://www.econbiz.de/10001787709
This is the introduction and summary to the fifth phase of an ongoing project on Social Security Programs and Retirement Around the World. The first phase described the retirement Incentives inherent in plan provisions and documented the strong relationship across countries between social...
Persistent link: https://www.econbiz.de/10014043291
In many emerging economies such as Brazil, pension programs of public sector workers are more generous than pension programs of private sector workers. The opportunity costs of running generous public pension schemes for civil servants are potentially large in emerging economies that often...
Persistent link: https://www.econbiz.de/10014046419
We study the sustainability of pension systems using a life-cycle model with distortionary taxation that sets an upper limit to the real value of tax revenues. This limit implies an endogenous threshold dependency ratio, i.e. a point in the cross-section distribution of the population beyond...
Persistent link: https://www.econbiz.de/10012912616
In many policy areas it is essential to use the best estimates of life expectancy, but such estimates are vital to most areas of pension policy – from indexed access age and the calculation of initial benefits to the financial sustainability of pension schemes and the operation of their...
Persistent link: https://www.econbiz.de/10012919497
We set up an overlapping generations model with endogenous fertility to study pensions policies in an ageing economy. We show that an increasing life expectancy may not be detrimental for the economy or the pension system itself. On the other hand, conventional policy measures, such as...
Persistent link: https://www.econbiz.de/10012919500