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could be achieved if people retire from the work force later in life. Partial retirement, the option to work part-time while … drawing a pension before reaching the normal retirement age, could create the necessary conditions for reaching this goal. The … impact of partial retirement on employment will be simulated below. The results show that unrestricted access to partial …
Persistent link: https://www.econbiz.de/10011762779
In earlier literature, the suggested Pareto improvements in pay-as-you-go (PAYG) systems have relied on the presence of externalities or the possibility of intragenerational redistribution. We show that neither assumption is necessary in an economy with intergenerational trade in a fixed factor...
Persistent link: https://www.econbiz.de/10001712359
, when the death occurs prior to retirement. While in most countries this accumulated capital (called survivor dividend, SD …
Persistent link: https://www.econbiz.de/10013004273
Demographic and economic evolution show how many public pension systems in the last decades have been facing the problem of financial sustainability. Usually financed by PAYG mechanism, they need constant balance between the amount of contributions and payments at all times. In the medium run...
Persistent link: https://www.econbiz.de/10014030590
The aim of this paper is to analyze private pension systems financed by pay-as-you-go, with a focus on the pension funds of the Italian Professional Orders. The research centres on the financial and demographic risks and on their impact on the future evolution of the fund. It presents a model to...
Persistent link: https://www.econbiz.de/10013103796
This paper analyzes and compares the macroeconomic performance of defined-benefit and defined-contribution pay-as-you-go pension systems when population ages. When the fertility rate decreases or longevity rises, it is shown that a shift from defined benefit (defined total benefit or defined...
Persistent link: https://www.econbiz.de/10013053806
We explore the benefits of intergenerational risk-sharing through both private funded pensions and via the public debt …
Persistent link: https://www.econbiz.de/10013058155
Korea's National Pension Fund (NPF) is projected to be in deficit by the 2040s and exhausted by the 2050s. Increasing contribution rates may be unaffordable, prompting consideration of structural reforms, particularly shifting from a defined benefit (DB) to a defined contribution (DC) system....
Persistent link: https://www.econbiz.de/10015189538
unchanged age of retirement. In Germany and France, the social choice favors scenarios increasing the age of retirement. In all …This chapter investigates the issue of which reform of the pay-as-you-go pension system a social planner should choose … pension reforms in the United States, Japan, France and Germany.It shows that a social planner can hardly decide for one …
Persistent link: https://www.econbiz.de/10013111704
The paper provides a framework for the conceptualization, definition and estimation of legacy costs that need to be … addressed in a reform that transforms an unfunded defined contribution (NDB) scheme into a notional (or non-financial) defined … NDC reform in China. -- legacy costs ; pension reform ; NDC ; coverage expansion …
Persistent link: https://www.econbiz.de/10009156100