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Social security and retirement across OECD countries

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  • Alonso Ortiz, Jorge

Abstract

There are large differences in the employment to population ratio relative to the US across OECD countries, and these differences are even larger for the old age (55-69 years). There are also large differences in various features of social security, such as the replacement rate, the entitlement age or whether it is allowed to collect social security while working. These observations suggest that they might be an important contributing factor in accounting for differences in retirement. I assess quantitatively the importance of these features using a life cycle general equilibrium model of retirement. I find that the differences in social security account for 90% of the differences in employment to population ratio at ages 60-64 in the OECD. The differences in the replacement rates and whether the system allows for collecting social security while working are the most important contributing factors to account for the differences in retirement.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18752.

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Date of creation: 19 Sep 2009
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Handle: RePEc:pra:mprapa:18752

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Keywords: Social security; retirement; idiosyncratic labor income risk;

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  1. Fatih Guvenen & Burhanettin Kuruscu & Serdar Ozkan, 2009. "Taxation of Human Capital and Wage Inequality: A Cross-Country Analysis," NBER Working Papers 15526, National Bureau of Economic Research, Inc.
  2. Richard Rogerson, 2007. "Taxation and market work: is Scandinavia an outlier?," Economic Theory, Springer, vol. 32(1), pages 59-85, July.
  3. Vegard Skirbekk, 2004. "Age and Individual Productivity: A Literature Survey," Vienna Yearbook of Population Research, Vienna Institute of Demography (VID) of the Austrian Academy of Sciences in Vienna, vol. 2(1), pages 133-154.
  4. Edward C. Prescott & Richard Rogerson & Johanna Wallenius, 2009. "Lifetime Aggregate Labor Supply with Endogenous Workweek Length," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 12(1), pages 23-36, January.
  5. Bullard, James & Feigenbaum, James, 2007. "A leisurely reading of the life-cycle consumption data," Journal of Monetary Economics, Elsevier, vol. 54(8), pages 2305-2320, November.
  6. Rogerson, Richard & Wallenius, Johanna, 2009. "Micro and macro elasticities in a life cycle model with taxes," Journal of Economic Theory, Elsevier, vol. 144(6), pages 2277-2292, November.
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Cited by:
  1. Erosa, Andrés & Fuster, Luisa & Kambourov, Gueorgui, 2012. "Labor supply and government programs: A cross-country analysis," Journal of Monetary Economics, Elsevier, vol. 59(1), pages 84-107.
  2. Daniel van Vuuren, 2011. "Flexible Retirement," CPB Discussion Paper 174, CPB Netherlands Bureau for Economic Policy Analysis.
  3. Francisco Azpitarte, 2011. "Measurement and identification of asset-poor households: a cross-national comparison of Spain and the United Kingdom," Journal of Economic Inequality, Springer, vol. 9(1), pages 87-110, March.

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