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Booth, Alison L; Sepulveda, Facundo - C.E.P.R. Discussion Papers - 2004

In this Paper, we study the role of subsidies to fertility in ensuring the political viability of unfunded social security (SS). In our model, agents are heterogeneous in age and income. Young generations confront promises made previously by older generations, and in turn choose current levels...

Persistent link: https://www.econbiz.de/10005123867

Time Inconsistent Preferences and the Annuitization Decision

Schreiber, Philipp; Weber, Martin - C.E.P.R. Discussion Papers - 2015

When entering retirement most people face the decision whether they would like their defined contribution account balance paid as a lump sum or to annuitize the amount. The fact that people tend to choose the lump sum even if economic reasons suggest not to is called the annuity puzzle. In a...

Persistent link: https://www.econbiz.de/10011165648

Personal Pensions with Risk sharing: Affordable, Adequate and Stable Private Pensions in Europe

Bovenberg, A Lans; Nijman, Theo E - C.E.P.R. Discussion Papers - 2015

these developments, policyholders desire pensions tailored to their individual needs. This paper proposes a new type of … risk-sharing functions of pensions, PPRs allow risk management and (dis)saving to be customized to the specific features of … illiquid capital, complementing public retirement provision, reducing the interest-rate sensitivity of pensions and smoothing …

Persistent link: https://www.econbiz.de/10011252616

Optimal Social Security Design

Miles, David K; Sefton, James - C.E.P.R. Discussion Papers - 2002

This Paper considers the optimal design of public pension provision for the retired and income support for those of working age. We consider social security systems that differ in terms of the level of benefits, degree of means testing and the nature of contributions. We aim to find which system...

Persistent link: https://www.econbiz.de/10005789123

Sharing High Growth Across Generations: Pensions and Demographic Transition in China

Song, Zheng Michael; Storesletten, Kjetil; Wang, Yikai; … - C.E.P.R. Discussion Papers - 2012

Intergenerational inequality and old-age poverty are salient issues in contemporary China. China's aging population threatens the fiscal sustainability of its pension system, a key vehicle for intergenerational redistribution. We analyze the positive and normative effects of alternative pension...

Persistent link: https://www.econbiz.de/10011083803

The Impact of a Permanent Income Shock on the Situation of Women in the Household: the case of a pension reform in Argentina

Berniell, Inés; de la Mata, Dolores; Machado, Matilde Pinto - C.E.P.R. Discussion Papers - 2014

Transfers to women may affect their bargaining power within the household and consequently their well-being. We analyze the effects of a pension reform in Argentina that resulted in an unexpected and substantial increase in permanent income for around 1.8 million senior women (women 60 years and...

Persistent link: https://www.econbiz.de/10011084362

Funded and Unfunded Pensions: Risk, Return and Welfare

Miles, David K - C.E.P.R. Discussion Papers - 2000

This paper uses stochastic simulations on calibrated models to assess the optimal degree of reliance on funded pensions … importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate of return and …

Persistent link: https://www.econbiz.de/10005067559

A Positive Theory of Social Security

Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1994

Social Security programmes around the world link public pensions to retirement: people do not lose their pensions if … consistent with it. The main idea is that pensions are a means to induce retirement, that is, to buy the elderly out of the …

Persistent link: https://www.econbiz.de/10005788967

Ageing Gracefully? A Bootstrap Analysis of Poverty Among Pensioners Using Evidence from the PACO Databases

Heinrich, Georges - C.E.P.R. Discussion Papers - 1998

In 1998 Hungary embarked on a course of comprehensive pension reform. The reforms are likely to change the distribution of incomes of future generations. The purpose of this paper is two-fold. From a policy point of view, we analyse poverty and income inequality among pensioners in Hungary...

Persistent link: https://www.econbiz.de/10005791337

The Evolution of Retirement

Conde-Ruiz, José Ignacio; Galasso, Vincenzo; Profeta, Paola - C.E.P.R. Discussion Papers - 2005

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...

Persistent link: https://www.econbiz.de/10005791934