Pensions and Retirement Incentives. A Tale of Three Countries: Italy, Spain and the USA
This paper looks at the relationship between the institutional design of the social security system and retirement from the labour force in three countries: Italy, Spain and the USA. Our works stresses the importance of dynamic incentives embedded in social security systems throughout the world and makes use of these three countries as an example. In fact they provide enough variability in their welfare programs that can be exploited to explain differences in retirement behavior. We show that social security rules are very important for individual's decisions to retire at a given age and that policy changes aimed at achieving age-neutrality of social security systems have a crucial role in shaping welfare.
|Date of creation:||07 Jun 2003|
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- Stock, James H & Wise, David A, 1990.
"Pensions, the Option Value of Work, and Retirement,"
Econometric Society, vol. 58(5), pages 1151-80, September.
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- Boldrin Michele & Jiménez-Martín Sergi & Peracchi Franco, 2001. "Sistema de pensiones y mercado de trabajo en España," Books, Fundacion BBVA / BBVA Foundation, edition 1, number 201120.
- Peracchi, Franco & Jiménez-Martín, Sergi & Boldrin, Michele, 1997.
"Social security and retirement in Spain,"
UC3M Working papers. Economics
6043, Universidad Carlos III de Madrid. Departamento de Economía.
- Franco Peracchi, 2002. "The European Community Household Panel: A review," Empirical Economics, Springer, vol. 27(1), pages 63-90.
- Robin L. Lumsdaine & James H. Stock & David A. Wise, 1990.
"Three Models of Retirement: Computational Complexity Versus Predictive Validity,"
NBER Working Papers
3558, National Bureau of Economic Research, Inc.
- Robin L. Lumsdaine & James H. Stock & David A. Wise, 1992. "Three Models of Retirement: Computational Complexity versus Predictive Validity," NBER Chapters, in: Topics in the Economics of Aging, pages 21-60 National Bureau of Economic Research, Inc.
- Peracchi, Franco & Welch, Finis, 1994. "Trends in Labor Force Transitions of Older Men and Women," Journal of Labor Economics, University of Chicago Press, vol. 12(2), pages 210-42, April.
- Sergi Jiménez-Martín & Franco Peracchi, 2002. "Sample attrition and labor force dynamics: Evidence from the Spanish labor force survey," Spanish Economic Review, Springer;Spanish Economic Association, vol. 4(2), pages 79-102.
- Blau, David M, 1994. "Labor Force Dynamics of Older Men," Econometrica, Econometric Society, vol. 62(1), pages 117-56, January.
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