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The Implicit Pension Debt: Its Meaning and an International Comparison - Il debito pensionistico: significato e confronti internazionali

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  • Beltrametti, Luca

    ()
    (University of Genoa, Department of Economics)

  • Della Valle, Matteo

    (University of Genoa, Department of Economics)

Abstract

We discuss the meaning of the concept of implicit pension debt (unfunded pension liabilities) from a public finance perspective and contrast different definitions such a variable with the notion of public debt. We conclude that the implicit pension debt is deeply different from public debt but nevertheless is meaningful for economic policy. We compute the implicit pension debt associated to retired workers for several countries for different years adopting a homogeneous algorithm. Our results show that the major countries have implicit pension debt of very different size with different trends in the last few years. - Il lavoro discute il significato del concetto di debito pensionistico implicito da una prospettiva di finanza pubblica e confronta diverse definizioni di tale variabile con la nozione di debito pubblico. Giungiamo alla conclusione che il debito pensionistico è profondamente diverso dal debito pubblico ma che esso è comunque significativo per la politica economica. Stimiamo il debito pensionistico associato alle persone già in pensione per diversi Paesi e per diversi anni utilizzando un algoritmo omogeneo. I risultati mostrano che i principali Paesi hanno debiti pensionistici di dimensioni molto diverse con diverse dinamiche negli anni recenti.

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Bibliographic Info

Article provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.

Volume (Year): 65 (2012)
Issue (Month): 1 ()
Pages: 15-38

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Handle: RePEc:ris:ecoint:0636

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Keywords: Implicit Debt; Pension Liabilities; Sovereign Debt;

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References

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  1. Boskin, Michael J, 1982. "Federal Government Deficits: Some Myths and Realities," American Economic Review, American Economic Association, American Economic Association, vol. 72(2), pages 296-303, May.
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  7. Jagadeesh Gokhale & Kent Smetters, 2003. "Fiscal and generational imbalances: new budget measures for new budget priorities," Policy Discussion Papers, Federal Reserve Bank of Cleveland, Federal Reserve Bank of Cleveland, issue Dec.
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  9. Cigno, Alessandro, 1986. "Fertility and the Tax-Benefit System: A Reconsideration of the Theory of Family Taxation," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 96(384), pages 1035-51, December.
  10. Werding, Martin, 2006. "Implicit Pension Debt and the Role of Public Pensions for Human Capital Accumulation: An Assessment for Germany," Discussion Paper, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University 283, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  11. Peter Whiteford & Edward Whitehouse, 2006. "Pension Challenges and Pension Reforms in Oecd Countries," Oxford Review of Economic Policy, Oxford University Press, Oxford University Press, vol. 22(1), pages 78-94, Spring.
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