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Credible pensions

Author

Listed:
  • Tim Besley

    () (Institute for Fiscal Studies and London School of Economics and Bank of England)

  • Andrea Prat

Abstract

One of the main problems in pension policy is to develop an institutional framework that guarantees that public and private pensions promises are kept. This paper discusses how the governance of public and private pensions is key to making such promises credible. It argues that credibility concerns undermine the case for earnings-related pensions run by the state and private defined benefit plans.

Suggested Citation

  • Tim Besley & Andrea Prat, 2005. "Credible pensions," Fiscal Studies, Institute for Fiscal Studies, vol. 26(1), pages 119-135, March.
  • Handle: RePEc:ifs:fistud:v:26:y:2005:i:1:p:119-135
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    References listed on IDEAS

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    1. Rabin, Matthew, 2002. "A perspective on psychology and economics," European Economic Review, Elsevier, vol. 46(4-5), pages 657-685, May.
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    Cited by:

    1. Mario Jametti, 2007. "Underfunding of Defined Benefit Pension Plans and Benefit Guarantee Insurance - An Overview of Theory and Empirics," Working Papers 2007_1, York University, Department of Economics.
    2. Jiří Večerník, 2006. "Changing Social Status of Pensioners and the Prospects of Pension Reform in the Czech Republic," Prague Economic Papers, University of Economics, Prague, vol. 2006(3), pages 195-213.
    3. Mariangela Bonasia & Oreste Napolitano, 2007. "Do Fundamentals and Credibility Matter in a Funded Pension System ?A Markov Switching Analysis for Australia and Iceland," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 50(2), pages 221-248.
    4. Greco, Luciano G., 2006. "The optimal design of funded pensions," LSE Research Online Documents on Economics 24519, London School of Economics and Political Science, LSE Library.

    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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