Chile's 1981 reform revolutionized pension design and created a system that was lauded and emulated widely. The main feature of the system was the creation of state-mandated, privately managed individual pension capitalization accounts based on contributions of employees. After nearly three...

This paper analyzes a social security policy with public debt in an overlapping generations growth model. In particular, the paper considers a situation in which population aging causes a heavy burden of social security payments where public debt is issued by the government to finance the...

This paper examines the dynamics of effective pension age in Russia and in particular the role of special privileged early retirement programs in enlarging the number of pensioners in recent decades. When it is possible to receive a pension and continue to work, people often choose to draw the...

Using the Japanese Study of Aging and Retirement (JSTAR), a new Japanese panel survey of people age 50 or older, we find that many Japanese in their early 50s - compared with those in their late 50s and early 60s - expect their level of public pension benefits to decline. We find that recent...

On December 31, 2009, the Government Employees Pension System (GEPS) in the Republic of Korea was faced with a huge pension reform. The objective of the reform was to lessen the financial burden in the future. This paper tries to provide a comprehensive understanding on the 2009 reform,...

Although there exists a large volume of literature on the subject, a consensus on the labor supply effects of the social security earnings test for the elderly has yet to be reached. This study proposes an alternative approach of utilizing direct responses to a survey on the earnings test, a...