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Actuarial Neutrality across Generations Applied to Public Pensions under Population Ageing: Effects on Government Finances and National Saving

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  • Oksanen, Heikki
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    Abstract

    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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    File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/14173/1/pie_dp284.pdf
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    Bibliographic Info

    Paper provided by Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University in its series Discussion Paper with number 284.

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    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
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    Related research

    Keywords: pensions; actuarial neutrality; public debt; national accounts;

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    References

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    1. Axel Börsch-Supan & Jens Köke & Joachim Winter, 2004. "Pension reform, savings behavior and capital market performance," MEA discussion paper series 04053, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
    2. Salvador Valdés-Prieto, 2005. "Securitization of taxes implicit in PAYG pensions," Economic Policy, CEPR & CES & MSH, vol. 20(42), pages 215-265, 04.
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    Cited by:
    1. R. Beetsma & A. L. Bovenberg, 2006. "Pension systems, intergenerational risk sharing and inflation," European Economy - Economic Papers 257, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
    2. Roel Beetsma & Heikki Oksanen, 2007. "Pension Systems, Ageing and the Stability and Growth Pact," CESifo Working Paper Series 2141, CESifo Group Munich.
    3. Beetsma, Roel & Bovenberg, A Lans & Romp, Ward E, 2008. "Funded Pensions and Intergenerational and International Risk Sharing in General Equilibrium," CEPR Discussion Papers 7106, C.E.P.R. Discussion Papers.

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