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Some Intergenerational Arithmetic to Control Public Debt in the EU
Romp, Ward; Beetsma, Roel; Busse, Matthias; Larch, Martin - 2025
Long-term projections are the bedrock of any analysis looking at the sustainability of public finances. This paper computes the changes in economic growth in individual European Union (EU) countries needed for government debt-to-GDP ratios to stay on their baseline trajectories (taken from the...
Persistent link: https://www.econbiz.de/10015339413
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Fiscal Sustainability and Low Interest Rates : A Note
Werding, Martin - 2021
In this paper, I demonstrate that an indicator which is commonly used to assess the long-term fiscal sustainability of public finances in EU member states (“S2”) is also defined if government borrowing rates are assumed to be permanently lower than the growth rate of GDP. I illustrate this...
Persistent link: https://www.econbiz.de/10013249654
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Old-Age Provision in Transition: The Case of Croatia
Werding, Martin; Primorac, Marko - 2016
The Croatian system of old-age provision comprises a traditional public pay-as-you-go scheme and a mandatory funded scheme (“second pillar”) that will provide increasing amounts of supplementary pensions to those entering retirement in the future. Due to the continuing economic crisis, the...
Persistent link: https://www.econbiz.de/10011431338
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Social security and longevity
Andersen, Torben M. - 2005
Many countries face the problem of how to reform social security systems to cope with increasing life expectancy. This raises questions concerning both distribution and risk sharing across generations. These issues are addressed within an OLG model with stochastic life expectancy across...
Persistent link: https://www.econbiz.de/10010261356
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Panels with nonstationary multifactor error structures
Kapetanios, George; Pesaran, Mohammad Hashem; Yamagata, … - 2006
Increasing longevity causes an upward trend in the dependency ratio in many countries. This raises concerns about the financial sustainability of social security schemes, and reform initiatives and proposals abound. It is shown that a fundamental policy choice inevitably arises since a given...
Persistent link: https://www.econbiz.de/10010276199
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Age-Specific Entrepreneurship and PAYG Public Pensions in Germany
Heer, Burkhard; Trede, Mark - 2020
We present new empirical evidence on the distribution of earnings, income and wealth among entrepreneurs in Germany. We document that both earnings and income are more concentrated among entrepreneurs than among workers and describe a large-scale overlapping-generations model that can replicate...
Persistent link: https://www.econbiz.de/10012269509
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Inherited Wealth and Demographic Aging
Onder, Harun; Pestieau, Pierre - 2016
The role of inherited wealth in modern economies has increasingly become under scrutiny. This study presents one of the first attempts to shed light on how demographic aging could shape this role. We show that, in the absence of retirement annuities, or for a given level of annuitization, both...
Persistent link: https://www.econbiz.de/10011522484
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Pension design when fertility fluctuates : the role of capital mobility and education financing
Zamac, Jovan - 2005
This study compares alternative designs of an unfunded pension system. Convex combinations between a fixed contribution rate and a fixed benefit rate are considered. The objective is to maximize the expected ex-ante welfare under stochastic fertility. The model is a three-period CGE framework...
Persistent link: https://www.econbiz.de/10010261351
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Demography and Provisions for Retirement - The Pension Composition, a Behavioral Approach
van Praag, Bernard M.S.; Hop, J. Peter - 2020
interests of the different groups are only partly coinciding. For a given demography and interest rate, the joint result of the … in the capital market with a corresponding equilibrium interest rate. In this paper we assume a demography with one … determined by the demography and cannot be modified at will as a long-term political instrument. We find that this is relevant …
Persistent link: https://www.econbiz.de/10012179856
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Fiscal Sustainability and Low Interest Rates: A Note
Werding, Martin - 2021
In this paper, I demonstrate that an indicator which is commonly used to assess the long-term fiscal sustainability of public finances in EU member states (“S2”) is also defined if government borrowing rates are assumed to be permanently lower than the growth rate of GDP. I illustrate this...
Persistent link: https://www.econbiz.de/10012493007