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An evaluation of the life cycle effects of minimum pensions on retirement behavior Author info | Abstract | Publisher info | Download info | Related research | Statistics Sergi Jiménez-Martín (Department of Economics, Universitat Pompeu Fabra, Barcelona, Spain)
Alfonso R. Sánchez Martín (Department of Economics, Universidad Pablo de Olavide, Seville, Spain)
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In this paper we explore the effects of the minimum pension program on welfare and retirement in Spain. This is done with a stylized life cycle model which provides a convenient analytical characterization of optimal behavior. We use data from the Spanish Social Security to estimate the behavioral parameters of the model and then simulate the changes induced by the minimum pension in aggregate retirement patterns. The impact is substantial: there is a threefold increase in retirement at 60 (the age of first entitlement) with respect to the economy without minimum pensions, and total early retirement (before or at 60) is almost 50% larger. Copyright © 2007 John Wiley & Sons, Ltd.
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Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics .
Volume (Year): 22 (2007)
Issue (Month): 5 ()
Pages: 923-950
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Handle: RePEc:jae:japmet:v:22:y:2007:i:5:p:923-950Contact details of provider: Web page: http://www.interscience.wiley.com/jpages/0883-7252/
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
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Alfonso R Sánchez-Martín, 2008.
"Endogenous Retirement and Public Pension System Reform in Spain ,"
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