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The Future of Social Security Pensions in Europe

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  • Martin Feldstein

Abstract

This paper discusses a possible solution to the double problem that faces European governments in dealing with the future of Social Security pensions. Like other governments around the world, they must deal with the rising cost of pensions that will result from the increasing life expectancy of the population. But the European governments have the extra problem that any solution must be compatible with a European Union labor market in which individuals from any member country are free to work anywhere within the European Union. The solution to this double problem that is developed in this paper combines an investment-based system of individual accounts with a 'notional defined contribution' system financed by pay-as-you-go taxes.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8487.

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Date of creation: Sep 2001
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Publication status: published as Naar beste vermogen, Essays Honoring Pieter Korteweg, eds. JJ van Duijn, et. al., Kluwer, December 2001.
Handle: RePEc:nbr:nberwo:8487

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Cited by:
  1. Casper van Ewijk & Erik Canton & Paul Tang, 2004. "Ageing and international capital flows," CPB Document, CPB Netherlands Bureau for Economic Policy Analysis 43, CPB Netherlands Bureau for Economic Policy Analysis.
  2. Narciso, Alexandre, 2010. "The impact of population ageing on international capital flows," MPRA Paper, University Library of Munich, Germany 26457, University Library of Munich, Germany.
  3. Keuschnigg Christian & Keuschnigg Mirela, 2004. "Aging, Labor Markets and Pension Reform in Austria," GE, Growth, Math methods, EconWPA 0404002, EconWPA.
  4. Hernandez Martinez, Fernando, 2007. "El ahorro privado de las familias y las pensiones públicas en Alemania y Estados Unidos:¿cumplimiento de la hipótesis del ciclo vital?
    [Household private saving and public pensions in Germany an
    ," MPRA Paper, University Library of Munich, Germany 18044, University Library of Munich, Germany.
  5. Louis Kaplow, 2011. "Targeted savings and labor supply," International Tax and Public Finance, Springer, Springer, vol. 18(5), pages 507-518, October.
  6. Tosun, Mehmet Serkan, 2008. "Endogenous fiscal policy and capital market transmissions in the presence of demographic shocks," Journal of Economic Dynamics and Control, Elsevier, Elsevier, vol. 32(6), pages 2031-2060, June.
  7. Assar Lindbeck & Mats Persson, 2003. "The Gains from Pension Reform," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 41(1), pages 74-112, March.
  8. John B. Williamson, 2001. "Future Prospects for Notional Defined Contribution Schemes," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, Ifo Institute for Economic Research at the University of Munich, vol. 2(4), pages 19-24, October.

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