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The Labor Consequences of Financializing Pensions

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Abstract

Income in retirement has become increasingly based on individual financial assets rather than from Social Security. Using OECD data, the authors show that the instability of financialized retirement systems is related to workers staying in the labor force longer than before, as well as higher rates of old age poverty.

Suggested Citation

  • Teresa Ghilarducci, Amanda Novello, 2017. "The Labor Consequences of Financializing Pensions," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2017-05, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
  • Handle: RePEc:epa:cepawp:2017-04
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    References listed on IDEAS

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    1. Richard Blundell & Antoine Bozio & Guy Laroque, 2013. "Extensive and Intensive Margins of Labour Supply: Work and Working Hours in the US, the UK and France," Fiscal Studies, Institute for Fiscal Studies, vol. 34(1), pages 1-29, March.
    2. Brown, Kristine M., 2013. "The link between pensions and retirement timing: Lessons from California teachers," Journal of Public Economics, Elsevier, vol. 98(C), pages 1-14.
    3. Thierry Lallemand & Fran├žois Rycx, 2009. "Are Young and Old WorkersS Harmful for Firm Productivity ?," Working Papers CEB 09-002.RS, ULB -- Universite Libre de Bruxelles.
    4. Felix Reichling & Charles Whalen, 2012. "Review of Estimates of the Frisch Elasticity of Labor Supply: Working Paper 2012-13," Working Papers 43676, Congressional Budget Office.
    5. Chulhee Lee, 2003. "Labor Market Status of Older Males in the United States, 1880-1940," NBER Working Papers 9550, National Bureau of Economic Research, Inc.
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    More about this item

    Keywords

    Pension Policy; Government Expenditure; Retirement; Individual Assets;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor

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