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Rational Pension Reform

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  • Axel Börsch-Supan

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    (Munich Center for the Economics of Aging (MEA))

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    Abstract

    This paper is motivated by the idea to create, wherever possible, rational mechanisms that adapt pension systems automatically to a changed economic and demographic environment, rather than to leave such adaptations to discretionary high-profile pension reforms which all too often stir political opposition. The paper delineates the theory behind such rational mechanisms, shows the advantages and limits of „self-stabilizing“ pension systems, and compares the Swedish and the German approaches to rule-bound pension policy.

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    File URL: http://mea.mpisoc.mpg.de/uploads/user_mea_discussionpapers/82sv1j2qfn9bmjmg_132-2007.pdf
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    Bibliographic Info

    Paper provided by Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy in its series MEA discussion paper series with number 07132.

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    Date of creation: 03 Jul 2007
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    Handle: RePEc:mea:meawpa:07132

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    Postal: Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy, Amalienstraße 33, 80799 München, Germany
    Phone: +49/89/38602.442
    Fax: +49/89/38602.490
    Web page: http://www.mea.mpisoc.mpg.de/

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Vincenzo Galasso, 2006. "The Political Future of Social Security in Aging Societies," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262072734, December.
    2. Friedrich Breyer & Mathias Kifmann, 2003. "The German Retirement Benefit Formula: Drawbacks and Alternatives," Discussion Papers of DIW Berlin 326, DIW Berlin, German Institute for Economic Research.
    3. Börsch-Supan, Axel & Reil-Held, Anette & Schunk, Daniel, 2006. "Das Sparverhalten deutscher Haushalte: Erste Erfahrungen mit der Riester-Rente," Sonderforschungsbereich 504 Publications 07-15, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
    4. Chlon, Agnieszka & Gora, Marek & Rutkowski, Michal, 1999. "Shaping pension reform in Poland : security through diversity," Social Protection Discussion Papers 20852, The World Bank.
    5. Dirk Krueger & Felix Kubler, 2002. "Intergenerational Risk-Sharing via Social Security when Financial Markets Are Incomplete," American Economic Review, American Economic Association, vol. 92(2), pages 407-410, May.
    6. Clemens, Johannes, 2006. "Anmerkungen zur geplanten Anhebung des gesetzlichen Rentenalters," Wirtschaftsdienst – Zeitschrift für Wirtschaftspolitik (1998 - 2007), ZBW – German National Library of Economics / Leibniz Information Centre for Economics, vol. 86(3), pages 163-167.
    7. James Angresano, 2007. "The Political Future of Social Security in Aging Societies," Comparative Economic Studies, Palgrave Macmillan, vol. 49(4), pages 699-701, December.
    8. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
    9. Axel Boersch-Supan & Christina B. Wilke, 2004. "The German Public Pension System: How it Was, How it Will Be," NBER Working Papers 10525, National Bureau of Economic Research, Inc.
    10. Valdes-Prieto, Salvador, 2000. " The Financial Stability of Notional Account Pensions," Scandinavian Journal of Economics, Wiley Blackwell, vol. 102(3), pages 395-417, June.
    11. Boeri, Tito & Börsch-Supan, Axel & Tabellini, Guido, 2002. "Would you Like to Reform the Pension System? The Opinions of European Citizens," Sonderforschungsbereich 504 Publications 02-22, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
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