New systems for old age security - theory, practice, and empirical evidence
AbstractThe author summarizes the major findings and recommendations in Averting the Old Age Crisis, describing problems in traditional pension systems and proposals for reform. Then she describes how those reforms are being implemented in many countries and examines empirical evidence about pension reform's impact on growth. Since the publication of Averting the Old Age Crisis, the move toward multipillar systems has accelerated around the world, spurred by demographic and economic forces. In addition, research has been carried out on some of the critical assumptions underlying the recommendations in the report. Researcher have begun to quantify the effects of a full or partial shift to a funded defined-contribution plan on the supply and allocation of labor, on national saving, and on the development of financial markets. Results from the studies that have been done so far on the (anticipated and actual) effects of pension reform (in Argentina, Australia, Mexico, Switzerland, the United Kingdom, the United States, and especially Chile) suggest that pension reform can have and has had a positive, possibly large, impact on national saving and the development of financial markets and hence on economic growth.
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Bibliographic InfoPaper provided by The World Bank in its series Policy Research Working Paper Series with number 1766.
Date of creation: 31 May 1997
Date of revision:
Labor Policies; Environmental Economics&Policies; Pensions&Retirement Systems; Banks&Banking Reform; Payment Systems&Infrastructure; Environmental Economics&Policies; Pensions&Retirement Systems; Banks&Banking Reform; Public Sector Economics&Finance; Economic Theory&Research;
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