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Pension Reforms in France : Impact on Growth and Inter-generational Redistributive Effects

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  • Legros, Florence
  • Gonand, Frédéric

Abstract

This paper assesses the impact on growth and the inter-generational redistributive effects of some possible pension reforms in France using a dynamic general equilibrium model with overlapping generations. Results suggest that a reform increasing the effective average retirement age by 1.25 years per decade and diminishing the average replacement rate by around 6 percentage points up to 2020 could stabilise social contributions for the youngest, but would gradually foster the poverty rate among pensioners. On the other hand, a reform incorporating a rise in the age of retirement by 1.25 years per decade, unchanged replacement rates and a discretionary increase of all pensions of 2.5 per cent in 2008 would limit the poverty rate among pensioners, but it would weigh down on the growth rate and the welfare of future generations.

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Bibliographic Info

Paper provided by Paris Dauphine University in its series Economics Papers from University Paris Dauphine with number 123456789/7957.

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Date of creation: Oct 2009
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Publication status: Published in Geneva Papers on Risk and Insurance - Issues and Practice, 2009, Vol. 34, no. 4. pp. 639-659.Length: 20 pages
Handle: RePEc:dau:papers:123456789/7957

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Keywords: Pensions; intergenerational fairness; age of retirement; Welfare;

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Cited by:
  1. Patricia Peinado & Felipe Serrano, 2011. "A Dynamic Analysis of the Effect of Social Security Reform on Spanish Widow Pensioners," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(5), pages 759-771, December.

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