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(UBS Pensions Series 040) Pensions: Overview of Issues

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  • Nicholas Barr
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    Abstract

    Many countries face increasing fiscal problems financing pensions in the face of population aging. There is controversy about the underlying economic theory, about the extent of the problem, and about the best mix of policies to protect old-age security. This paper establishes the areas of debate: gives thumbnail descriptions of pension arrangements in different countries; discusses the main analytical and empirical issues relevant to thinking about pension design; and assess a range of policy directions. The main conclusions are that what matters most is effective government and economic growth; that the debate between pay-as-you-go and funding is secondary; that good pension schemes can take many forms; and that there is a problem in financing pensions, but not a crisis.

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    File URL: http://www.lse.ac.uk/fmg/workingPapers/discussionPapers/fmgdps/dp562ubs040.pdf
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    Bibliographic Info

    Paper provided by Financial Markets Group in its series FMG Discussion Papers with number dp562.

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    Date of creation: May 2006
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    Handle: RePEc:fmg:fmgdps:dp562

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    Web page: http://www.lse.ac.uk/fmg/

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    Cited by:
    1. Renaat Van de Kerckhove & Freddy Heylen & Tim Buyse, 2011. "Pension reform, employment by age, and long-run growth in OECD countries," 2011 Meeting Papers 736, Society for Economic Dynamics.
    2. Luca Marchiori & Olivier Pierrard & Henri R. Sneessens, 2011. "Demography, capital flows and unemployment," BCL working papers 69, Central Bank of Luxembourg.
    3. Tim Buyse & Freddy Heylen & Renaat Van de Kerckhove, 2013. "Pension reform, employment by age, and long-run growth," Journal of Population Economics, Springer, vol. 26(2), pages 769-809, April.

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