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The Implicit Pension Debt: Its Meaning and an International Comparison - Il debito pensionistico: significato e confronti internazionali

We discuss the meaning of the concept of implicit pension debt (unfunded pension liabilities) from a public finance perspective and contrast different definitions such a variable with the notion of public debt. We conclude that the implicit pension debt is deeply different from public debt but nevertheless is meaningful for economic policy. We compute the implicit pension debt associated to retired workers for several countries for different years adopting a homogeneous algorithm. Our results show that the major countries have implicit pension debt of very different size with different trends in the last few years. - Il lavoro discute il significato del concetto di debito pensionistico implicito da una prospettiva di finanza pubblica e confronta diverse definizioni di tale variabile con la nozione di debito pubblico. Giungiamo alla conclusione che il debito pensionistico è profondamente diverso dal debito pubblico ma che esso è comunque significativo per la politica economica. Stimiamo il debito pensionistico associato alle persone già in pensione per diversi Paesi e per diversi anni utilizzando un algoritmo omogeneo. I risultati mostrano che i principali Paesi hanno debiti pensionistici di dimensioni molto diverse con diverse dinamiche negli anni recenti.

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Article provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.

Volume (Year): 65 (2012)
Issue (Month): 1 ()
Pages: 15-38

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Handle: RePEc:ris:ecoint:0636
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  1. Jeffrey R. Brown & David W. Wilcox, 2009. "Discounting State and Local Pension Liabilities," American Economic Review, American Economic Association, vol. 99(2), pages 538-42, May.
  2. Robert Holzmann & Robert Palacios & Asta Zviniene, 2001. "On the Economics and Scope of Implicit Pension Debt: An International Perspective," Empirica, Springer, vol. 28(1), pages 97-129, March.
  3. Carlo Mazzaferro & Marcello Morciano, 2008. "CAPP_DYN: A Dynamic Microsimulation Model for the Italian Social Security System," Department of Economics 0595, University of Modena and Reggio E., Faculty of Economics "Marco Biagi".
  4. Bohn, H., 1991. "Budget Deficits and Government Accounting," Weiss Center Working Papers 28-91, Wharton School - Weiss Center for International Financial Research.
  5. Michele Boldrin & Aldo Rustichini, 2000. "Political Equilibria with Social Security," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 3(1), pages 41-78, January.
  6. Peter Whiteford & Edward Whitehouse, 2006. "Pension Challenges and Pension Reforms in Oecd Countries," Oxford Review of Economic Policy, Oxford University Press, vol. 22(1), pages 78-94, Spring.
  7. Cigno, Alessandro, 1986. "Fertility and the Tax-Benefit System: A Reconsideration of the Theory of Family Taxation," Economic Journal, Royal Economic Society, vol. 96(384), pages 1035-51, December.
  8. Werding, Martin, 2006. "Implicit Pension Debt and the Role of Public Pensions for Human Capital Accumulation: An Assessment for Germany," Discussion Paper 283, Center for Intergenerational Studies, Institute of Economic Research, Hitotsubashi University.
  9. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
  10. Jagadeesh Gokhale & Kent Smetters, 2003. "Fiscal and generational imbalances: new budget measures for new budget priorities," Policy Discussion Papers, Federal Reserve Bank of Cleveland, issue Dec.
  11. Willem H. Buiter, 1983. "Measurement of the Public Sector Deficit and Its Implications for Policy Evaluation and Design (Mesure du déficit du secteur public et ses implications pour l'évaluation et l'élaboration de la poli," IMF Staff Papers, Palgrave Macmillan, vol. 30(2), pages 306-349, June.
  12. Paul van den Noord & Richard Herd, 1993. "Pension Liabilities in the Seven Major Economies," OECD Economics Department Working Papers 142, OECD Publishing.
  13. Boskin, Michael J, 1982. "Federal Government Deficits: Some Myths and Realities," American Economic Review, American Economic Association, vol. 72(2), pages 296-303, May.
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