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Public Pension System (public + pension_system)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting60%
Humanities and Social Sciences40%

Selected Abstracts

Facing the Age Wave and Economic Policy: Fixing Public Pension Systems with Healthcare in the Wings,

FISCAL STUDIES, Issue 1 2005
David A. Wise
Abstract There are two overriding problems faced by ageing societies. One is the financing of public pension (social security in US terms) programmes. The other is paying for healthcare. This paper considers the healthcare issue briefly, emphasising that the issue arises primarily because of advances in medical technology. Better medical technology will improve healthcare in the future, but more advanced technologies also cost more. The focus of the rest of the paper is on the public pension problem. The emphasis is on the early retirement incentives inherent in the provisions of most public pension programmes around the world, the reduction in the labour force participation of older people caused by these incentives, and the large fiscal implication of the inducement of older people to leave the labour force. These results are based on the Gruber,Wise ongoing international social security comparison project. [source]

A Model Under Siege: A Case Study of the German Retirement Insurance System

THE ECONOMIC JOURNAL, Issue 461 2000
Axel Borsch-Supan
This study evaluates the positive and negative features of the German public pension system and discusses three reasons for its increasing perceived and real difficulties: maturation, negative incentive effects, and the problems of demographic change. The German system in its current form may be able to limp through the coming decades but will cease to be the exemplary Bismarckian machine that has created generous retirement incomes at reasonable tax rates. Current policy proposals are insufficient and a few but incisive design changes and some degree of prefunding could rescue the many positive aspects of the German retirement insurance system. [source]

Policy Change and the Politics of Ideas: The Emergence of the Canada/Quebec Pension Plans

CANADIAN REVIEW OF SOCIOLOGY/REVUE CANADIENNE DE SOCIOLOGIE, Issue 3 2009
KRISTINA BABICH
Insistant sur l'impact direct des idées sur le changement politique, les auteurs se penchent sur l'adoption du Régime de rentes du Québec (RRQ) et du Régime de pensions du Canada (RPC) de 1965, en examinant deux questions étroitement liées: 1) Pourquoi le gouvernement fédéral a-t-il décidé de créer au milieu des années 1960 un système public de pension proportionnel aux revenus, en plus du Programme de la sécurité de la vieillesse alors en vigueur? et 2) Pourquoi ce nouveau système présente-t-il un taux de remplacement plus élevé que celui proposé initialement, de même qu'un régime différent pour le Québec? De manière à répondre à ces deux questions, les auteurs analysent les débats menant à l'adoption du RRQ et du RPC. Stressing the direct impact of ideas on policy change, this article explores the adoption of the Canada and Quebec Pension Plans (C/QPP) in 1965 by addressing two closely related questions: in the mid-1960s: why did the federal government decide to create an earnings-related public pension system on top of the existing Old Age Security program? Second, why did that new system feature a replacement rate higher than initially proposed as well as a separate scheme for the province of Quebec? In order to answer these two questions, the article analyzes the debates leading to the enactment of the C/QPP. [source]

Investing Public Pensions in the Stock Market: Implications for Risk Sharing, Capital Formation and Public Policy in the Developed and Developing World

INTERNATIONAL REVIEW OF FINANCE, Issue 3 2001
Deborah Lucas
Concerns that existing public pension systems will be unable to pay benefits to a rapidly ageing population without sharp tax increases, and the prospect of higher average returns on stocks than on government securities, are drawing the attention of policy,makers worldwide to the option of investing public pension assets in stocks. Including stock market investments in public pension plans could improve risk sharing within and between generations, and could perhaps lead to faster market development in some countries. It could also result in excessive risk,taking, higher transactions costs and a false sense of increased financial security. This paper assesses these issues, with an emphasis on the considerations that are of special importance to developing markets. A contrast is drawn between the demographic outlook in East Asia and the major industrialized countries. Some lessons are drawn from the reform experience in Chile and elsewhere in Latin America. [source]

Ideas, Economic Pressures, and Pension Privatization

LATIN AMERICAN POLITICS AND SOCIETY, Issue 2 2005
Raúl L. Madrid
ABSTRACT This article maintains that the recent wave of pension privatization has been spurred largely by rising pension expenditures and chronic capital shortages. Many policymakers in Latin America and around the world believed that privatizing their public pension systems would boost their domestic savings rate and resolve the systems' financial problems, thereby reducing their dependence on unstable foreign capital and freeing resources for other, more productive uses. There is no clear evidence that pension privatization will bring these economic benefits, however. To understand why policymakers held these beliefs, we must examine how ideas about pension privatization have formed. Two particularly important factors are the Chilean model and the World Bank's growing influence on pension policy. A probit analysis of the determinants of pension privatization provides support for these arguments. [source]