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Social Security Reform

Author

Listed:
  • Diamond, Peter A.

    (Institute Professor in the Department of Economics, Massachusetts Institute of Technology)

Abstract

Social security systems are being reviewed and changed in many countries around the world. This nontechnical book considers some of the key policy issues for design of a social security reform, as well as reviewing much of the academic literature on the positive and normative aspects of social security. In the first chapter, Diamond's examination of key policy issues of general concern includes the funding of social security, the comparison of defined benefit and defined contribution systems, notional defined contribution accounts, alternative approaches to organizing individual defined contribution accounts, and the provision of survivor benefits. Diamond turns then to the academic literature on the interactions between social security and the labor and capital markets, providing a non-technical overview of the existing literature and pointing-out gaps in current research findings. Chapter Two reviews the impact on retirement decisions of forced savings, the use of an earnings or retirement test, mandated annuitization, recognizing heterogeneity in both life expectancy and possibly in risk classification for annuity pricing, and treatment of the family, particularly the use of joint-life annuitization. Also reviewed is the impact on labor supply at younger ages, considering mandatory savings and annuitization, contrasting defined benefit and defined contribution systems, and analysing alternative approaches to redistribution within social security. The final chapter covers issues of aggregate capital accumulation and risk-sharing, with the latter including the risks in annuitization, in the returns to capital, and in aggregate earnings. Also considered are the risks in the political process.

Suggested Citation

  • Diamond, Peter A., 2002. "Social Security Reform," OUP Catalogue, Oxford University Press, number 9780199247899.
  • Handle: RePEc:oxp:obooks:9780199247899
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    Cited by:

    1. Louis Kaplow, 2015. "Government Policy and Labor Supply with Myopic or Targeted Savings Decisions," Tax Policy and the Economy, University of Chicago Press, vol. 29(1), pages 159-193.
    2. Melika Ben Salem & Didier Blanchet & Antoine Bozio & Muriel Roger, 2010. "Labor Force Participation by the Elderly and Employment of the Young: The Case of France," NBER Chapters,in: Social Security Programs and Retirement around the World: The Relationship to Youth Employment, pages 119-146 National Bureau of Economic Research, Inc.
    3. Vincenzo Galasso & Paola Profeta, 2004. "Lessons for an ageing society: the political sustainability of social security systems," Economic Policy, CEPR;CES;MSH, vol. 19(38), pages 63-115, April.
    4. Nicholas Barr & Peter Diamond, 2008. "Reforming Pensions," Working Papers, Center for Retirement Research at Boston College wp2008-26, Center for Retirement Research.
    5. Mike Brewer & Tom Clark, 2002. "The impact on incentives of five years of social security reform in the UK," IFS Working Papers W02/14, Institute for Fiscal Studies.
    6. Gabay, Daniel & Grasselli, Martino, 2012. "Fair demographic risk sharing in defined contribution pension systems," Journal of Economic Dynamics and Control, Elsevier, vol. 36(4), pages 657-669.
    7. Louis Kaplow, 2014. "Government Policy and Labor Supply with Myopic or Targeted Savings Decisions," NBER Chapters,in: Tax Policy and the Economy, Volume 29, pages 159-193 National Bureau of Economic Research, Inc.
    8. Casarico, Alessandra & Devillanova, Carlo, 2008. "Capital-skill complementarity and the redistributive effects of Social Security Reform," Journal of Public Economics, Elsevier, vol. 92(3-4), pages 672-683, April.
    9. Martin Werding, 2016. "One Pillar Crumbling, the Others Too Short: Old-Age Provision in Germany," National Institute Economic Review, National Institute of Economic and Social Research, vol. 237(1), pages 13-21, August.
    10. Alejandra Cox Edwards, 2005. "Pension reforms and employment," International Economic Journal, Taylor & Francis Journals, vol. 19(2), pages 305-319.
    11. Brugiavini, Agar & Galasso, Vincenzo, 2004. "The social security reform process in Italy: where do we stand?," Journal of Pension Economics and Finance, Cambridge University Press, vol. 3(02), pages 165-195, July.
    12. Estelle James & Alejandra Cox Edwards, 2005. "Do Individual Accounts Postpone Retirement: Evidence from Chile," Working Papers wp098, University of Michigan, Michigan Retirement Research Center.
    13. Michael Spence & Danny Leipziger, 2010. "Globalization and Growth - Implications for a Post-Crisis World : Commission on Growth and Development," World Bank Publications, The World Bank, number 2440, January.
    14. James, Estelle & Edwards, Alejandra Cox & Wong, Rebecca, 2003. "The gender impact of pension reform : a cross-country analysis," Policy Research Working Paper Series 3074, The World Bank.
    15. Martin Werding & Marko Primorac, 2016. "Old-Age Provision in Transition: The Case of Croatia," CESifo Working Paper Series 5761, CESifo Group Munich.
    16. Pierre Pestieau, 2002. "Relever l'âge du départ à la retraite : une mesure nécessaire et équitable," Revue d'Économie Financière, Programme National Persée, vol. 68(4), pages 67-78.
    17. Dirk Krueger & Fabrizio Perri, 2005. "The Research Agenda: Dirk Krueger and Fabrizio Perri on Risk Sharing across Households, Generations and Countries," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 6(2), April.
    18. Martin Feldstein, 2005. "Structural Reform of Social Security," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 33-55, Spring.

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