New systems for old age security - theory, practice, and empirical evidence
The author summarizes the major findings and recommendations in Averting the Old Age Crisis, describing problems in traditional pension systems and proposals for reform. Then she describes how those reforms are being implemented in many countries and examines empirical evidence about pension reform's impact on growth. Since the publication of Averting the Old Age Crisis, the move toward multipillar systems has accelerated around the world, spurred by demographic and economic forces. In addition, research has been carried out on some of the critical assumptions underlying the recommendations in the report. Researcher have begun to quantify the effects of a full or partial shift to a funded defined-contribution plan on the supply and allocation of labor, on national saving, and on the development of financial markets. Results from the studies that have been done so far on the (anticipated and actual) effects of pension reform (in Argentina, Australia, Mexico, Switzerland, the United Kingdom, the United States, and especially Chile) suggest that pension reform can have and has had a positive, possibly large, impact on national saving and the development of financial markets and hence on economic growth.
|Date of creation:||31 May 1997|
|Date of revision:|
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"The Transition Path in Privatizing Social Security,"
in: Privatizing Social Security, pages 215-264
National Bureau of Economic Research, Inc.
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Journal of Economic Perspectives,
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"Savings in Chile: What Went Right?,"
Research Department Publications
4030, Inter-American Development Bank, Research Department.
- repec:idb:wpaper:322 is not listed on IDEAS
- Kotlikoff, Laurence, 1996. "Privatizing School Security at Home and Abroad," American Economic Review, American Economic Association, vol. 86(2), pages 368-72, May.
- Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
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