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Does the implicit pension debt mean anything after all?


  • Luca Beltrametti

    () (Department of Economics, University of Genoa)

  • Matteo Della Valle

    () (Department of Economics, University of Genoa)


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 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.

Suggested Citation

  • Luca Beltrametti & Matteo Della Valle, 2011. "Does the implicit pension debt mean anything after all?," CeRP Working Papers 118, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  • Handle: RePEc:crp:wpaper:118

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    References listed on IDEAS

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    Cited by:

    1. D. Blanchet & S. Le Minez, 2012. "Joint macro/micro evaluations of accrued-to-date pension liabilities: an application to French reforms," Documents de Travail de la DESE - Working Papers of the DESE g2012-14, Institut National de la Statistique et des Etudes Economiques, DESE.

    More about this item


    Pension liabilities; implicit debt; sovereign debt.;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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