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Macroeconomic effects of pension reforms in the context of aging populations: overlapping generations model simulations for Tunisia

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  • Tahar Abdessalem
  • Houyem Chekki Cherni

Abstract

We have developed a general equilibrium overlapping generations’ model to evaluate the effects of demographic transition in Tunisia and to discuss the impacts of pension reforms. Simulations consider two scenarios: a benchmark scenario (without reforms) and a policy-change scenario, including a set of pension reforms: contribution rate increase, pensions’ level reduction, rise of the retirement age and finally the introduction of a complementary fully funded system. The latter incorporates a specific hypothesis consisting in differentiated returns for free saving (private) and compulsory (pension funds). Simulation results indicate that population aging could have a major impact on the saving rate, factors prices and economic growth. However, they also indicate that policy reforms could reduce the negative effects.

Suggested Citation

  • Tahar Abdessalem & Houyem Chekki Cherni, 2016. "Macroeconomic effects of pension reforms in the context of aging populations: overlapping generations model simulations for Tunisia," Middle East Development Journal, Taylor & Francis Journals, vol. 8(1), pages 84-108, January.
    • Handle: RePEc:taf:rmdjxx:v:8:y:2016:i:1:p:84-108
    DOI: 10.1080/17938120.2016.1150007
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    Cited by:

    1. Houyem Chekki Cherni, 2021. "Complementary Funded Pensions And Economic Growth: Theoretical And Empirical Evidence Using An Overlapping Generations Model Applied To The Case Of Tunisia," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 66(231), pages 59-98, October –.
    2. Tahar ABDESSALEM & Houyem CHEKKI CHERNI, 2016. "Tunisian Pension System Sustainability: Towards A Multidimensional Reform," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 44, pages 165-182.

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