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Welfare systems, ageing and work: an OECD perspective

Author

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  • Ignazio Visco

    (OECD, Paris (France).)

Abstract

This paper examines the scale of the demographic problem facing OECD economies and the labour market trends among older workers, considering the macroeconomic implications of welfare provision for ageing on living standards and fiscal balances. The nature and the scale of incentives for early retirement are then discussed, concluding that welfare systems in OECD countries will come under increasing pressure as the share of public pension payments on total welfare outlays could rise dramatically over the coming decades. The paper illustrates some of the recent OECD recommendations for responding to the challenges posed by ageing societies in the context of diverse social welfare systems and concludes that policies are urgently needed in a number of countries to pursue two fundamental objectives: increasing the average number of years individuals spend active in the labour force and raising the sources of provision for an adequate retirement income.

Suggested Citation

  • Ignazio Visco, 2000. "Welfare systems, ageing and work: an OECD perspective," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 53(212), pages 3-29.
  • Handle: RePEc:psl:bnlqrr:2000:11
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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10346/10251
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    References listed on IDEAS

    as
    1. Kreps, David M & Wilson, Robert, 1982. "Sequential Equilibria," Econometrica, Econometric Society, vol. 50(4), pages 863-894, July.
    2. Douglas W. Diamond, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Oxford University Press, vol. 51(3), pages 393-414.
    3. Mayer, Colin, 1994. "The Assessment: Money and Banking: Theory and Evidence," Oxford Review of Economic Policy, Oxford University Press, vol. 10(4), pages 1-13, Winter.
    4. Hahn, Frank, 1991. "The Next Hundred Years," Economic Journal, Royal Economic Society, vol. 101(404), pages 47-50, January.
    5. Milgrom, Paul & Roberts, John, 1982. "Predation, reputation, and entry deterrence," Journal of Economic Theory, Elsevier, vol. 27(2), pages 280-312, August.
    6. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, pages 359-368.
    7. Fama, Eugene F., 1980. "Banking in the theory of finance," Journal of Monetary Economics, Elsevier, vol. 6(1), pages 39-57, January.
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    Citations

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    Cited by:

    1. Ignazio Visco, 2001. "Paying for pensions: how important is economic growth?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 54(216), pages 73-102.
    2. Ignazio Visco, 2001. "Paying for pensions: how important is economic growth?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 54(216), pages 73-102.

    More about this item

    Keywords

    Ageing; Demographics; Older Workers; Pension; Welfare;

    JEL classification:

    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • H53 - Public Economics - - National Government Expenditures and Related Policies - - - Government Expenditures and Welfare Programs
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs

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