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Pensions and Retirement Incentives. A Tale of Three Countries: Italy, Spain and the USA

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Author Info

  • Agar Brugiavini

    ()
    (University of Venice - Department of Economics)

  • Franco Peracchi

    ()
    (University of Rome II - Centre for International Studies on Economic Growth (CEIS))

  • David A. Wise

    ()
    (National Bureau of Economic Research (NBER))

Abstract

This paper looks at the relationship between the institutional design of the social security system and retirement from the labour force in three countries: Italy, Spain and the USA. Our works stresses the importance of dynamic incentives embedded in social security systems throughout the world and makes use of these three countries as an example. In fact they provide enough variability in their welfare programs that can be exploited to explain differences in retirement behavior. We show that social security rules are very important for individual's decisions to retire at a given age and that policy changes aimed at achieving age-neutrality of social security systems have a crucial role in shaping welfare.

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File URL: ftp://www.ceistorvergata.it/repec/rpaper/No-06-Brugiavini,Peracchi,Wise.pdf
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Bibliographic Info

Paper provided by Tor Vergata University, CEIS in its series CEIS Research Paper with number 6.

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Length: 24
Date of creation: 07 Jun 2003
Date of revision:
Handle: RePEc:rtv:ceisrp:6

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Postal: CEIS - Centre for Economic and International Studies - Faculty of Economics - University of Rome "Tor Vergata" - Via Columbia, 2 00133 Roma
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Web: http://www.ceistorvergata.it

Related research

Keywords: pensions; retirement incentives; labor supply;

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References

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  1. Boldrin Michele & Jiménez-Martín Sergi & Peracchi Franco, 2001. "Sistema de pensiones y mercado de trabajo en España," Books, Fundacion BBVA / BBVA Foundation, edition 1, number 201120.
  2. Robin L. Lumsdaine & James H. Stock & David A. Wise, 1992. "Three Models of Retirement: Computational Complexity versus Predictive Validity," NBER Chapters, in: Topics in the Economics of Aging, pages 21-60 National Bureau of Economic Research, Inc.
  3. Michele Boldrin & Sergi Jimenez-Martni & Franco Peracchi, 1997. "Social Security and Retirement in Spain," NBER Working Papers 6136, National Bureau of Economic Research, Inc.
  4. Peracchi, Franco & Welch, Finis, 1994. "Trends in Labor Force Transitions of Older Men and Women," Journal of Labor Economics, University of Chicago Press, vol. 12(2), pages 210-42, April.
  5. Blau, David M, 1994. "Labor Force Dynamics of Older Men," Econometrica, Econometric Society, vol. 62(1), pages 117-56, January.
  6. Sergi Jiménez-Martín & Franco Peracchi, 2002. "Sample attrition and labor force dynamics: Evidence from the Spanish labor force survey," Spanish Economic Review, Springer, vol. 4(2), pages 79-102.
  7. James H. Stock & David A. Wise, 1988. "Pensions, The Option Value of Work, and Retirement," NBER Working Papers 2686, National Bureau of Economic Research, Inc.
  8. Courtney Coile & Jonathan Gruber, 2000. "Social Security and Retirement," NBER Working Papers 7830, National Bureau of Economic Research, Inc.
  9. Franco Peracchi, 2002. "The European Community Household Panel: A review," Empirical Economics, Springer, vol. 27(1), pages 63-90.
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Citations

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Cited by:
  1. Agar Brugiavini & Erich Battistin, & Enrico Rettore & Guglielmo Weber, 2007. "The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach," Working Papers 2007_27, Department of Economics, University of Venice "Ca' Foscari".
  2. Agar Brugiavini & Franco Peracchi, 2008. "Fiscal Implications of Pension Reforms in Italy," Working Papers 2008_30, Department of Economics, University of Venice "Ca' Foscari".
  3. Clara I. Gonzalez & José Ignacio Conde Ruiz & Michele Boldrin, 2009. "Immigration and Social Security in Spain," Working Papers 2009-26, FEDEA.
  4. Helmut Hofer & Reinhard Koman, 2006. "Social security and retirement incentives in Austria," Empirica, Springer, vol. 33(5), pages 285-313, December.

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