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Indexing pensions

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Author Info

  • Piggott, John
  • Sane, Renuka

Abstract

Pension indexation should anchor the parameters of the pension system to one or more economic and demographic variables to ensure that the system is implemented in a sustainable way, while minimizing distortions affecting important economic choices. Arguing that financial sustainability, incentive compatibility and consistency across multiple government programs are critical, the author examine the many linkages between the various parameters of pension schemes. Finally, the author turn to the cost of the insurance dimension of indexation, and suggest that option pricing techniques could be used to price indexation guarantees, and that this approach may suggest refinements to indexation practice not thus far implemented.

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Bibliographic Info

Paper provided by The World Bank in its series Social Protection Discussion Papers with number 52445.

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Date of creation: 01 Dec 2009
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Handle: RePEc:wbk:hdnspu:52445

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Keywords: Emerging Markets; Debt Markets; Pensions&Retirement Systems; Economic Theory&Research; Markets and Market Access;

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References

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  1. Milan Vodopivec, 2013. "Introducing unemployment insurance to developing countries," IZA Journal of Labor Policy, Springer, vol. 2(1), pages 1-23, December.
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  16. Bhattamishra, Ruchira & Barrett, Christopher B., 2010. "Community-Based Risk Management Arrangements: A Review," World Development, Elsevier, vol. 38(7), pages 923-932, July.
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  19. Abidoye, Babatunde & Orazem, Peter & Vodopivec, Milan, 2008. "Firing Cost and Firm Size: A Study of Sri Lanka's Severance Pay System," Staff General Research Papers 12922, Iowa State University, Department of Economics.
  20. Robalino, David A. & Zylberstajn, Helio, 2009. "Ex-ante methods to assess the impact of social insurance policies on labor supply with an application to Brazil," Policy Research Working Paper Series 5027, The World Bank.
  21. Koettl, Johannes, 2009. "Human trafficking, modern day slavery, and economic exploitation," Social Protection Discussion Papers 49802, The World Bank.
  22. Almeida, Rita & Aterido, Reyes, 2008. "The incentives to invest in job training : do strict labor codes influence this decision?," Social Protection Discussion Papers 46189, The World Bank.
  23. Alvaro Forteza & Guzman Ourens, 2009. "How much do Latin American pension programs promise to pay back?," Documentos de Trabajo (working papers) 3109, Department of Economics - dECON.
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Citations

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Cited by:
  1. Lord, Janet & Posarac, Aleksandra & Nicoli, Marco & Peffley, Karen & Mcclain-Nhlapo, Charlotte & Keogh, Mary, 2010. "Disability and international cooperation and development : a review of policies and practices," Social Protection Discussion Papers 56092, The World Bank.
  2. Holzmann, Robert, 2010. "Bringing Financial Literacy and Education to Low and Middle Income Countries: The Need to Review, Adjust, and Extend Current Wisdom," IZA Discussion Papers 5114, Institute for the Study of Labor (IZA).
  3. Ra, Young-Sun & Shim, Kyung Woo, 2009. "The Korean case study : past experience and new trends in training policies," Social Protection Discussion Papers 53696, The World Bank.
  4. James, Estelle, 2009. "Rethinking survivor benefits," Social Protection Discussion Papers 52919, The World Bank.

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