Rational Pension Policies
- 128 Downloads
Aim of this keynote is to develop a framework how to approach the design of pension policies as rationally as possible. The first step is to realize and accommodate endogenous adjustments. The second step is to align the root causes of demographic change with corresponding reform steps which include but are not confined by pension reform. The third step is to separate the issues as best as possible to strengthen the political feasibility of reform.
The paper shows that relatively few and moderate reform steps suffice to solve the demographic problem in countries such as Germany and Switzerland. This is in striking contrast to the widespread resistance to reform. We falsify some of the myths, prejudices and misperceptions which make reforms politically so hard to put into place.
- Adam, S., E. Bonsang, S. Germain, and S. Perelman (2007), “Retirement and Cognitive Reserve: A Stochastic Frontier Approach Applied to Survey Data”, CREPP working papers, 2007(04), HEC-ULg.Google Scholar
- Auerbach, A.J., and L.J. Kotlikoff (1987), Dynamic Fiscal Policy, Cambridge, MA: Cambridge University Press.Google Scholar
- Avendano, M., A.R. Aro, and J. Mackenbach (2005), “Socio-Economic Disparities in Physical Health in 10 European Countries”, in Health, Ageing and Retirement in Europe — First Results from the Survey of Health, Ageing, and Retirement in Europe, A. Börsch-Supan, A. Brugiavini, H. Jürges, J. Mackenbach, J. Siegrist, and G. Weber (eds.), MEA, Mannheim.Google Scholar
- Börsch-Supan, A., and P. Tinios, (2001), “The Greek Pension System: Strategic Framework for Reform”, in Greece’s Economic Performance and Prospects, R.C. Bryant, N.C. Garganas, and G.S. Tavlas (eds.), pp. 361–451, Athens: Bank of Greece and The Brooking Institution.Google Scholar
- Börsch-Supan, A., and C.B. Wilke (2003), “The German Social Security System: How It Was and How It Will Be”, NBER Working Paper No. 10525, Cambridge, Mass.Google Scholar
- Börsch-Supan, A., and M. Weiss (2013), “Productivity and Age: Evidence from Work Teams at the Assembly Line”, ROA Research Memorandum, 2013(9), Maastricht University.Google Scholar
- Eurostat (2013), http://ec.europa.eu/eurostat/ (online data code: hlth_hlye).
- Franco, D., and N. Sartor (2003), “Notional Defined Contribution in Italy: Unsatisfactory Present, Uncertain Future”, Mimeo, Bank of Italy.Google Scholar
- Galasso, V. (2007), The Political Future of Social Security in Aging Societies, Cambridge, MA: MIT Press.Google Scholar
- Gasche, M., T. Bucher-Koenen, M. Haupt, and S. Angstmann (2013), „Die Kosten der Riester-Rente im Vergleich“, MEA-Discussion Paper 04-2013, München.Google Scholar
- Göbel, C., and T. Zwick (2009), „Age and Productivity — Evidence from Linked Employer Employee Data”, ZEW Discussion Paper, 9(20), Zentrum für Europâische Wirtschaftsforschung.Google Scholar
- Gruber, J., and D.A. Wise (eds.) (2004), Social Security Programs and Retirement around the World: Micro Estimation, Chicago: The University of Chicago PrGoogle Scholar
- Gruber, J., and D.A. Wise (eds.) (2010), Social Security Programs and Retirement around the World: Youth Employment, Chicago: The University of Chicago PrGoogle Scholar
- Holzmann, R., and E. Palmer (2005), Pension Reform — Issues and Prospects for Non-Financial Defined Contribution (NDC) Schemes, Washington D.C.: World Bank.Google Scholar
- Kommission für die Nachhaltigkeit in der Finanzierung der Sozialen Sicherungssysteme (2003), Abschlussbericht. Bundesministerium für Gesundheit und Soziale Sicherheit, Berlin, http://www.bmgs.bund.de/deu/gra/themen/sicherheit/kommission/index.cfm.
- Malmberg, B., T. Lindh, and M. Halvarsson (2008), “Productivity Consequences at the Plant Level of Work-Force Ageing: Stagnation or a Horndal Effect?” Population and Development Review, 34, pp. 238–256.Google Scholar
- Palacios, R., and M. Pallarès-Miralles (2000), “International Patterns of Pension Provision”, Social Protection Discussion Paper Series No. 0009, Washington, D.C.: The World Bank.Google Scholar
- Palmer, E. (2000), “The Swedish Pension Reform Model: Framework and Issues”, Social Protection Discussion Paper No. 12, Washington, D.C.: The World Bank.Google Scholar
- Valdés-Prieto, S. (2000), “The Financial Stability of Notional Account Pensions,” Scandinavian Journal of Economics.Google Scholar