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Social Insurance Based on Personal Savings

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  • Folster, Stefan

Abstract

Many countries have reformed, or plan to reform, their pension system. The trend is to move from an entitlement based system to a system in which contributions accumulate in some form of personal savings account. In recent years proposals have been made to apply a personal savings account also to other elements of social insurance, such as unemployment insurance, social assistance, health care costs and others. This paper presents a simple model and a simulation to compare the lifetime consequences of replacing a wide range of social insurance systems with savings account based social insurance. The results indicate that savings account based social insurance can be designed to provide the same economic security as offered by a generous welfare state, and yet lower marginal taxes considerably. Copyright 1999 by The Economic Society of Australia.

Suggested Citation

  • Folster, Stefan, 1999. "Social Insurance Based on Personal Savings," The Economic Record, The Economic Society of Australia, vol. 75(228), pages 5-18, March.
  • Handle: RePEc:bla:ecorec:v:75:y:1999:i:228:p:5-18
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    Cited by:

    1. Nagler P., 2013. "How unemployment insurance savings accounts affect employment duration : evidence from Chile," MERIT Working Papers 039, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    2. Hartley, Gonzalo Reyes & van Ours, Jan C. & Vodopivec, Milan, 2011. "Incentive effects of unemployment insurance savings accounts: Evidence from Chile," Labour Economics, Elsevier, vol. 18(6), pages 798-809.
    3. A. Lans Bovenberg & Peter Birch Sørensen, "undated". "Optimal Taxation and Social Insurance in a Lifetime Perspective," EPRU Working Paper Series 06-01, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
    4. Brown, Alessio J.G. & Orszag, J. Michael & Snower, Dennis J., 2008. "Unemployment accounts and employment incentives," European Journal of Political Economy, Elsevier, vol. 24(3), pages 587-604, September.
    5. Milan Vodopivec, 2013. "Introducing unemployment insurance to developing countries," IZA Journal of Labor Policy, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-23, December.
    6. Bovenberg, A L, 2003. "Financing Retirement in the European Union," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 10(6), pages 713-734, November.
    7. Barrientos, Armando, 2002. "Women, Informal Employment, and Social Protection in Latin America," General Discussion Papers 30557, University of Manchester, Institute for Development Policy and Management (IDPM).
    8. A. Bovenberg & Martin Hansen & Peter Sørensen, 2008. "Individual savings accounts for social insurance: rationale and alternative designs," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 15(1), pages 67-86, February.
    9. Goerke, Laszlo, 2007. "Unemployment Insurance Savings Accounts and Collective Wage Determination," IZA Discussion Papers 3141, Institute for the Study of Labor (IZA).

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