Pension Reform and Growth Replacing a pay-as-you-go pension system with a fully funded scheme could Giancarlo Corsetti eliminate the incentives Klaus Schmidt -Hebbel (under the pay-as-you-go system) to informalize production and employment. Simulations of an endogenous-growth model suggest that long-term growth could increase substantially by such a reform. Econometric evidence suggests that pe...

This study attempts to explain the observed asset allocation and location decisions for households making taxable and tax-deferred investment. I incorporate employer matching policies and other pension account characteristics into a life-cycle model of optimal intertemporal consumption and portfolio choice, which includes a taxable saving account and a tax-deferred retirement saving account. Th...

There has been no systematic examination of issues surrounding pension funds and their tobacco shareholdings. This paper describes two studies designed to document the tobacco investment policies and practices of pension funds, and to assess community and fund member attitudes to pension fund shareholdings in the tobacco industry. Chief executives (n = 282) of Australian pension funds were mail...

Alternative pension schemes, particularly related to provisions on early retirement, might produce different effects on retirement behaviours, with important economic consequences. This paper presents new evidence on the effect of different seniority pension reforms, considering for the Italian case the evolution of an agent-based economy, with heterogeneous workers, whose retirement age depend...

This paper analyzes the link between aging and saving starting from some stylized facts. Europe offers a wide spectrum of institutional arrangements in terms of pension systems and also very diverse financial and insurance markets. Recent changes, both in terms of pension reforms and in terms of market liberalization may provide explanations for the trends observed in household saving. While it...

This paper examines variation in old-age income inequality between industrialized nations with modern welfare systems. The analysis of income inequality across countries with different retirement income systems provides a perspective on public pension policy choices and designs within a country and their distributional implications. Because of the progressive nature of public pension programs, ...

Negative Reciprocity and Retrenched Pension Rights We document the importance of negatively reciprocal inclinations in labor relationships by showing that a retrenchment of pension rights, which is perceived as unfair, causes a larger reduction in job motivation the stronger workers’ negatively reciprocal inclinations are. We exploit unique matched survey and administrative data on male employe...

BACKGROUND Human society has witnessed disasters and wars that left many consequences on families as well as social and individual life of the victims. OBJECTIVES In this research, we compared the psychological health and marital adjustment in Iranian employed veterans with veterans receiving disability pension. PATIENTS AND METHODS The study participants were all of the veterans of Isfahan...

Purpose – This paper aims to describe China’s need for old-age pension coverage in its rural areas, to highlight the strengths and weaknesses of the new rural pension system currently being implemented, and to suggest some needed reforms. Design/methodology/approach – This paper’s analysis is based largely on evidence from Chinese government documents, newspaper reports, and research reports in...

France, Germany and Italy, to take the three largest economies in continental Europe, have large and ailing pay-as-you-go public pension systems, very thin capital markets, and low capital performance. Taking Germany as an example, we show that these three issues are closely linked. Specifically, we argue that pension reform, via a change in portfolio composition of households and a strengtheni...