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Pension Reforms; Effects on Intergenerational Risk-Sharing and Redistribution

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  • Kruse, Agneta

    ()
    (Department of Economics, Lund University)

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    Abstract

    Projections show public pensions to take an increasing share of GDP. This has lead to increased activity in the reform area and resulted in a plethora of reforms ranging from marginal to more radical ones. The former kind has often tried to hold back increasing expenditure by decreasing benefit levels, increasing statutory retirement age etc., while the latter may be exemplified by the Italian or Swedish reforms. The marginal reforms implemented give an impression of being rather haphazard. Accelerating expenditures seem to justify all forms of reduction; if the indexing has been by wages, then the change is to price indexing, and vice versa. In this paper the analysis of reforms will concentrate on the different kinds of risks or threats a pension system is exposed to, notably economic, demographic and political risks and how these risks change with differently designed reforms. The paper will also treat distribution effects of different designs and of the risk exposure. What does the experience of 30 - 40 years of public pension systems tell us about the effects of different designs? Are there any recommendations to be drawn from economic theory?

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    File URL: http://swopec.hhs.se/lunewp/papers/lunewp2000_010.pdf
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    Bibliographic Info

    Paper provided by Lund University, Department of Economics in its series Working Papers with number 2000:10.

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    Length: 19 pages
    Date of creation: 01 Nov 2000
    Date of revision:
    Handle: RePEc:hhs:lunewp:2000_010

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    Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
    Phone: +46 +46 222 0000
    Fax: +46 +46 2224613
    Web page: http://www.nek.lu.se/en
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    Keywords: Social insurance; pensions; intergenerational risk-sharing;

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    References

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    1. Breyer, Friedrich & von der Schulenburg, J-Matthias Graf, 1990. " Family Ties and Social Security in a Democracy," Public Choice, Springer, vol. 67(2), pages 155-67, November.
    2. Feldstein, Martin, 1996. "The Missing Piece in Policy Analysis: Social Security Reform," American Economic Review, American Economic Association, vol. 86(2), pages 1-14, May.
    3. Browning, Edgar K, 1975. "Why the Social Insurance Budget Is Too Large in a Democracy," Economic Inquiry, Western Economic Association International, vol. 13(3), pages 373-88, September.
    4. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
    5. Diamond, P. A., 1977. "A framework for social security analysis," Journal of Public Economics, Elsevier, vol. 8(3), pages 275-298, December.
    6. Agneta Kruse & Pier Luigi Porta & Pia Saraceno, 1997. "Pension Systems and Reforms: a Note on Transition Problems," Working Papers 02, University of Milano-Bicocca, Department of Economics, revised Feb 1997.
    7. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
    8. Hans-Werner Sinn, 1999. "Pension Reform and Demographic Crisis: Why a Funded System is Needed and why it is not Needed," CESifo Working Paper Series 195, CESifo Group Munich.
    9. Roger H. Gordon & Hal R. Varian, 1985. "Intergenerational Risk Sharing," NBER Working Papers 1730, National Bureau of Economic Research, Inc.
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    Cited by:
    1. Kruse, Agneta, 2002. "Ageing Populations and Intergenerational Risk-sharing in PAYG Pension Schemes," Working Papers 2002:18, Lund University, Department of Economics.

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