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Retirement Incentives in Belgium: Estimations and Simulations Using SHARE Data

  • Alain Jousten

    ()

  • Mathieu Lefebvre

The paper studies retirement behavior of wage-earners in Belgium—for the first time using a rich survey dataset to analyze retirement incentives as faced by individuals. Specifically, we use SHARE data to estimate a model à la Stock and Wise (Econom Econ Soc 58(5):1151–1180, 1990 ). Exploring the data on individual life-histories from SHARELIFE, we construct a measure of financial incentive to retire. Our analysis explicitly takes into account the different take-up rates of the various early retirement exit paths across time and ages. The results show that financial incentives play a strong role. Health and education also matter, as do regional differences. Against the general background of the 2020 strategy, we perform a set of policy simulations and illustrate the scope but also the limits associated with selective parametric reforms. Copyright Springer Science+Business Media New York 2013

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File URL: http://hdl.handle.net/10.1007/s10645-013-9213-5
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Article provided by Springer in its journal De Economist.

Volume (Year): 161 (2013)
Issue (Month): 3 (September)
Pages: 253-276

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Handle: RePEc:kap:decono:v:161:y:2013:i:3:p:253-276
Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100260

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  1. Cremer, Helmuth & Lozachmeur, Jean-Marie & Pestieau, Pierre, 2009. "Use and misuse of unemployment benefits for early retirement," European Journal of Political Economy, Elsevier, vol. 25(2), pages 174-185, June.
  2. Arie Kapteyn & James P. Smith & Arthur van Soest, 2009. "Work Disability, Work, and Justification Bias in Europe and the U.S," NBER Working Papers 15245, National Bureau of Economic Research, Inc.
  3. Alain Jousten & Mathieu Lefebvre & Sergio Perelman, 2010. "Disability in Belgium: there is more than meets the eye," CREPP Working Papers 1006, Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège.
    • Alain Jousten & Mathieu Lefebvre & Sergio Perelman, 2012. "Disability in Belgium: There Is More Than Meets the Eye," NBER Chapters, in: Social Security Programs and Retirement around the World: Historical Trends in Mortality and Health, Employment, and Disability Insurance Participatio, pages 251-276 National Bureau of Economic Research, Inc.
  4. Dellis, Arnaud & Jousten, Alain & Perelman, Sergio, 2001. "Micro-Modelling of Retirement in Belgium," CEPR Discussion Papers 2795, C.E.P.R. Discussion Papers.
    • Arnaud Dellis & Raphaël Desmet & Alain Jousten & Sergio Perelman, 2004. "Micro-Modeling of Retirement in Belgium," NBER Chapters, in: Social Security Programs and Retirement around the World: Micro-Estimation, pages 41-98 National Bureau of Economic Research, Inc.
  5. Desmet, Raphaël & Jousten, Alain & Perelman, Sergio & Pestieau, Pierre, 2003. "Micro-Simulation of Social Security Reforms in Belgium," IZA Discussion Papers 735, Institute for the Study of Labor (IZA).
  6. Frank van Erp & Niels Vermeer & Daniel van Vuuren, 2013. "Non-financial determinants of retirement," CPB Discussion Paper 243, CPB Netherlands Bureau for Economic Policy Analysis.
  7. Pierre Pestieau & Mathieu Lefèbvre & Alain Jousten & Sergio Perelman, 2008. "The Effects of Early Retirementon Youth Unemployment; The Case of Belgium," IMF Working Papers 08/30, International Monetary Fund.
  8. 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.
  9. Adriaan Kalwij & Frederic Vermeulen, 2008. "Health and labour force participation of older people in Europe: What do objective health indicators add to the analysis?," Health Economics, John Wiley & Sons, Ltd., vol. 17(5), pages 619-638.
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