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Company Pension Plans, Stock Market Returns, and Labor Demand

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  • Enrica Detragiache

Abstract

With asset values falling sharply in recent years, many companies around the world are under pressure to restore the solvency of their defined-benefit pension plans. Will this lead to higher contributions? Will higher contributions increase labor costs and reduce employment? Does this mechanism exacerbate economic downturns? What are the economic effects of pension fund regulation? This paper develops a theoretical model to address these questions. Although its scope is more general, the model captures the main institutional features of the pension system in the Netherlands, a country where the economic effects of the pension shock are widely debated.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 03/222.

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Length: 19
Date of creation: 01 Nov 2003
Date of revision:
Handle: RePEc:imf:imfwpa:03/222

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Keywords: Stock markets; Labor market policy; pension; pension fund; pension fund assets; pension funds; pension plans; pensions; pension plan; retirement; capital markets; pension liabilities; defined benefit; pensioners; company pension; pension fund contributions; individual pension; pension fund contribution; pension system; retirement income; pension fund returns; pension fund asset; pension regulation; pension benefit; contribution rate; pension contributions; asset management; benefit pension; defined-benefit pension; pension reform; pension obligations; pension benefits; pillar pensions; defined benefit plans; pension fund investments; labor force; occupational pension; defined contribution plans; capital gains; future pension; private pensions; pension payment; pension schemes; public pensions; pension funding; pension fund administrators; occupational pension plans; gross wages; solvency requirement; pension fund return; pension fund accounting; pillar pension; defined contribution pensions; additional pension; retirement age; contribution pensions; contingent liability; individual pensions; defined benefit plan; tax treatment; pension contribution; pension earnings; employer pension; pension insurance; funded pension; retirement period; defined contribution plan; health care; corporate pension; pension costs; pensioner; labor input; pension liability; pension rights; replacement rate; contribution rates; gross return; retirement pensions;

References

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  1. Zvi Bodie, 1989. "Pensions as Retirement Income Insurance," NBER Working Papers 2917, National Bureau of Economic Research, Inc.
  2. Jeroen J. M. Kremers, 2002. "Pension Reform: Issues in the Netherlands," NBER Chapters, in: Social Security Pension Reform in Europe, pages 291-316 National Bureau of Economic Research, Inc.
  3. Julia Lynn Coronado & Steven A. Sharpe, 2003. "Did pension plan accounting contribute to a stock market bubble?," Finance and Economics Discussion Series 2003-38, Board of Governors of the Federal Reserve System (U.S.).
  4. David Carey, 2002. "Coping with Population Ageing in the Netherlands," OECD Economics Department Working Papers 325, OECD Publishing.
  5. Gustman, A.L. & Mitchell, O.S. & Steinmeier, T.L., 1993. "The Role of Pensions in the Labor Market," Papers 93-07, Cornell - Center for Advanced Human Resource Studies.
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Cited by:
  1. Philip Bunn & Kamakshya Trivedi, 2005. "Corporate expenditures and pension contributions: evidence from UK company accounts," Bank of England working papers 276, Bank of England.

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