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Aging in Germany and the United States: International Comparisons

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  • Axel Borsch-Supan
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    Abstract

    This paper reports on a set of international comparisons of how the German and the U.S. economies are affected by population aging. The paper's main focus is on the influence of institutional arrangements such as government regulations and subsidies on retirement, savings and housing choices in the two countries. Germany faces a particularly pronounced aging process. Her dependency ratio is already now as large as it will be in the year 2015 in the U.S., and it is predicted to exceed 43 percent at its peak in 2030. In this respect, changes that are occurring in Germany now may be regarded as indicative for changes to come in the United States. Retirement, savings and housing behavior differ quite markedly between Germany and the United States, and I will show that most of these differences are consistent with the incentives applicable to each country.

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    File URL: http://www.nber.org/papers/w4530.pdf
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    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4530.

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    Date of creation: Nov 1993
    Publication status: published as Studies in the Economics of Aging, ed. David Wise, University of Chicago Press, 1994, p. 291
    Handle: RePEc:nbr:nberwo:4530
    Note: AG
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    Keywords:

    Find related papers by JEL classification:

    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • D91 - Microeconomics - - Intertemporal Choice - - - Intertemporal Household Choice; Life Cycle Models and Saving

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    1. Kotlikoff, Laurence J & Summers, Lawrence H, 1981. "The Role of Intergenerational Transfers in Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 706-732, August.
    2. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    3. Steven F. Venti & David A. Wise, 1990. "But They Don't Want to Reduce Housing Equity," NBER Chapters,in: Issues in the Economics of Aging, pages 13-32 National Bureau of Economic Research, Inc.
    4. Laurence J. Kotlikoff & David A. Wise, 1987. "The Incentive Effects of Private Pension Plans," NBER Chapters,in: Issues in Pension Economics, pages 283-340 National Bureau of Economic Research, Inc.
    5. Alan J. Auerbach & Laurence J. Kotlikoff & Robert P. Hagemann & Giuseppe Nicoletti, 1989. "The Economic Dynamics of an Ageing Population: The Case of Four OECD Countries," OECD Economics Department Working Papers 62, OECD Publishing.
    6. Zvi Bodie & John B. Shoven & David A. Wise, 1987. "Issues in Pension Economics," NBER Books, National Bureau of Economic Research, Inc, number bodi87-1, June.
    7. Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics,in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier.
    8. Wolff, Edward N., 1990. "Methodological issues in the estimation of the size distribution of household wealth," Journal of Econometrics, Elsevier, vol. 43(1-2), pages 179-195.
    9. Steven F. Venti & David A. Wise, 1990. "Have IRAs Increased U. S. Saving?: Evidence from Consumer Expenditure Surveys," The Quarterly Journal of Economics, Oxford University Press, vol. 105(3), pages 661-698.
    10. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-926, Sept./Oct.
    11. Hurd, Michael D, 1990. "Research on the Elderly: Economic Status, Retirement, and Consumption and Saving," Journal of Economic Literature, American Economic Association, vol. 28(2), pages 565-637, June.
    12. Edward P. Lazear & Robert L. Moore, 1988. "Pensions and Turnover," NBER Chapters,in: Pensions in the U.S. Economy, pages 163-190 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Luciano Fanti, 2012. "Child rearing subsidies and fertility in small open economies with life uncertainty," Discussion Papers 2012/148, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    2. Stijepic, Denis & Wagner, Helmut, 2009. "Population-ageing, structural change and productivity growth," MPRA Paper 37005, University Library of Munich, Germany, revised 29 Feb 2012.

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