In welfare states, collective saving has declined to a persistently negative level, while reduced fertility and increasing longevity are leading to increasing pension liabilities. Actuarial neutrality across generations is presented as a benchmark for designing pension reforms to meet the challenges of population ageing. It is shown that this condition can be respected by a wide range of pension reforms, with very different consequences for public finance target setting. The rules for public pensions in national accounting are also discussed. Finally, the combined effects of population ageing and public pension rules on national saving are discussed.
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Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series Discussion Paper with number
284.
Length: 33 p. Date of creation: Jan 2006 Date of revision: Handle: RePEc:hit:piedp1:284
Note: The Second International Workshop on the Balance Sheet of Social Security Pensions, Hitotsubashi Collaboration Center, Tokyo, 15 December, 2005 Contact details of provider: Web page: http://cis.ier.hit-u.ac.jp/ More information through EDIRC
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Find related papers by JEL classification: H1 - Public Economics - - Structure and Scope of Government H5 - Public Economics - - National Government Expenditures and Related Policies H6 - Public Economics - - National Budget, Deficit, and Debt
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