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The Future of Social Security Pensions in Europe

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  • Martin Feldstein

Abstract

This paper discusses a possible solution to the double problem that faces European governments in dealing with the future of Social Security pensions. Like other governments around the world, they must deal with the rising cost of pensions that will result from the increasing life expectancy of the population. But the European governments have the extra problem that any solution must be compatible with a European Union labor market in which individuals from any member country are free to work anywhere within the European Union. The solution to this double problem that is developed in this paper combines an investment-based system of individual accounts with a 'notional defined contribution' system financed by pay-as-you-go taxes.

Suggested Citation

  • Martin Feldstein, 2001. "The Future of Social Security Pensions in Europe," NBER Working Papers 8487, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:8487
    Note: AG PE
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    1. repec:eee:hapoch:v1_567 is not listed on IDEAS
    2. Iñigo Iturbe-Ormaetxe, 2015. "Salience of social security contributions and employment," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 22(5), pages 741-759, October.
    3. Emanuele Canegrati, 2008. "The Single Mindedness Theory Micro-foundation and Application to Labor Market," Ekonomia journal, Faculty of Economic Sciences, University of Warsaw, vol. 20.
    4. Christian Keuschnigg & Mirela Keuschnigg & Christian Jaag, 2011. "Aging and the Financing of Social Security in Switzerland," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 147(II), pages 181-231, June.
    5. Tosun, Mehmet Serkan, 2008. "Endogenous fiscal policy and capital market transmissions in the presence of demographic shocks," Journal of Economic Dynamics and Control, Elsevier, vol. 32(6), pages 2031-2060, June.
    6. Vinish Shrestha, 2016. "How Efficient are the Current U.S. Beer Taxes?," Working Papers 2016-09, Towson University, Department of Economics, revised Apr 2016.
    7. John B. Williamson, 2001. "Future Prospects for Notional Defined Contribution Schemes," CESifo Forum, Ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(4), pages 19-24, October.
    8. Kaymak, Barış & Poschke, Markus, 2016. "The evolution of wealth inequality over half a century: The role of taxes, transfers and technology," Journal of Monetary Economics, Elsevier, vol. 77(C), pages 1-25.
    9. Godínez-Olivares, Humberto & Boado-Penas, María del Carmen & Haberman, Steven, 2016. "Optimal strategies for pay-as-you-go pension finance: A sustainability framework," Insurance: Mathematics and Economics, Elsevier, vol. 69(C), pages 117-126.
    10. Dennis Fredriksen & Nils Martin Stølen, 2015. "Life time pension benefits relative to life time contributions," Discussion Papers 825, Statistics Norway, Research Department.
    11. repec:eee:eecrev:v:95:y:2017:i:c:p:1-22 is not listed on IDEAS
    12. Assar Lindbeck & Mats Persson, 2003. "The Gains from Pension Reform," Journal of Economic Literature, American Economic Association, vol. 41(1), pages 74-112, March.
    13. Casper van Ewijk & Erik Canton & Paul Tang, 2004. "Ageing and international capital flows," CPB Document 43, CPB Netherlands Bureau for Economic Policy Analysis.
    14. Christian Keuschnigg & Mirela Keuschnigg, 2004. "Aging, Labor Markets, and Pension Reform in Austria," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 60(3), pages 359-359, September.
    15. repec:pab:rmcpee:v:24:y:2018:i:1:p:292-339 is not listed on IDEAS
    16. MOUNA BEN OTHMAN & Mohamed Ali MAROUANI, 2016. "Labor Market Effects of Pension Reform :an overlapping genenrations general equilibrium model applied to Tunisia," EcoMod2016 9294, EcoMod.
    17. Martín Gonzalez-Eiras & Dirk Niepelt, 2012. "Economic and Politico-Economic Equivalence," Working Papers 12.02, Swiss National Bank, Study Center Gerzensee.
    18. Louis Kaplow, 2011. "Targeted savings and labor supply," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 18(5), pages 507-518, October.
    19. Hernandez Martinez, Fernando, 2007. "El ahorro privado de las familias y las pensiones públicas en Alemania y Estados Unidos:¿cumplimiento de la hipótesis del ciclo vital?
      [Household private saving and public pensions in Germany and t
      ," MPRA Paper 18044, University Library of Munich, Germany.
    20. Narciso, Alexandre, 2010. "The impact of population ageing on international capital flows," MPRA Paper 26457, University Library of Munich, Germany.
    21. Garon, Jean-Denis, 2016. "The commitment value of funding pensions," Economics Letters, Elsevier, vol. 145(C), pages 11-14.
    22. Gahvari, Firouz & Beach, Randy, 2016. "On the optimal linkage of social security benefits to payroll taxes," Research in Economics, Elsevier, vol. 70(1), pages 110-121.
    23. Lehmann-Hasemeyer, Sibylle & Streb, Jochen, 2017. "Does Social Security crowd out Private Savings? The Case of Bismarck’s System of Social Insurance," IBF Paper Series 06-17, IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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