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The Effect of Social Security Reform on Male Retirement in High and Middle Income Countries

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Author Info

  • David E. Bloom

    ()
    (Harvard School of Public Health)

  • David Canning

    ()
    (Harvard School of Public Health)

  • Gunther Fink

    ()
    (Harvard School of Public Health)

  • Jocelyn Finlay

    ()
    (Harvard School of Public Health)

Abstract

We analyze panel data for 40 countries over the period 1970-2000 to examine the effect of social security reforms on the labor supply of older men. The data show a trend towards earlier retirement that can be explained by rising income levels. We find that the average retirement age rises significantly when the normal, or early, social security eligibility age rises, the pension benefits for postponing retirement are increased, or the system shifts from defined benefits to defined contributions. A package of social security reforms is capable of substantially increasing the labor supply of older men.

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Bibliographic Info

Paper provided by Program on the Global Demography of Aging in its series PGDA Working Papers with number 4809.

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Date of creation: Nov 2009
Date of revision:
Handle: RePEc:gdm:wpaper:4809

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Web page: http://www.hsph.harvard.edu/pgda
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Keywords: Social security reform; retirement; high and middle income countries;

This paper has been announced in the following NEP Reports:

References

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  1. Giovanni Mastrobuoni, 2005. "Labor Supply Effects of the Recent Social Security Benefit Cuts: Empirical Estimates Using Cohort Discontinuities," Carlo Alberto Notebooks 33, Collegio Carlo Alberto, revised 2006.
  2. Burtless, Gary & Moffitt, Robert A, 1985. "The Joint Choice of Retirement Age and Postretirement Hours of Work," Journal of Labor Economics, University of Chicago Press, vol. 3(2), pages 209-36, April.
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  6. CREMER, Helmuth & LOZACHMEUR, Jean-Marie & PESTIEAU, Pierre, 2006. "Social security and retirement decision: a positive and normative approach," CORE Discussion Papers 2006019, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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  9. Sebnem Kalemli-Ozcan & David N. Weil, 2004. "Mortality Change, the Uncertainty Effect, and Retirement," Working Papers 2004-04, Department of Economics, University of Houston.
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  11. Costa, Dora L, 1995. "Pensions and Retirement: Evidence from Union Army Veterans," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 297-319, May.
  12. James H. Stock & David A. Wise, 1988. "Pensions, The Option Value of Work, and Retirement," NBER Working Papers 2686, National Bureau of Economic Research, Inc.
  13. David E. Bloom & David Canning & Günther Fink & Jocelyn E. Finlay, 2007. "Fertility, Female Labor Force Participation, and the Demographic Dividend," NBER Working Papers 13583, National Bureau of Economic Research, Inc.
  14. van der Klaauw, Wilbert & Wolpin, Kenneth I., 2008. "Social security and the retirement and savings behavior of low-income households," Journal of Econometrics, Elsevier, vol. 145(1-2), pages 21-42, July.
  15. Sveinbjörn Blöndal & Stefano Scarpetta, 1999. "The Retirement Decision in OECD Countries," OECD Economics Department Working Papers 202, OECD Publishing.
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  17. repec:fth:prinin:255 is not listed on IDEAS
  18. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
  19. Duggan, Mark & Singleton, Perry & Song, Jae, 2007. "Aching to retire? The rise in the full retirement age and its impact on the social security disability rolls," Journal of Public Economics, Elsevier, vol. 91(7-8), pages 1327-1350, August.
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Citations

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Cited by:
  1. Verbič, Miroslav & Spruk, Rok, 2011. "Aging population and public pensions: theory and evidence," MPRA Paper 38914, University Library of Munich, Germany.
  2. Philip Ulrich Sauré & Hosny Zoabi, 2012. "Retirement Age across Countries: The Role of Occupations," Working Papers 2012-06, Swiss National Bank.

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