The Future of Pensions in Europe
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Other documents of the author: Dolado, Juan José; Jimeno, Juan F.; Boldrin, Michele; Peracchi, Franco
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The Future of Pensions in EuropeDate
1999Abstract
Unfunded state pension schemes are projected to become financially unsustainable. This is usually attributed to demographic trends. Yet trends in unemployment and in female labour force participation are quantitatively ... [+]
Unfunded state pension schemes are projected to become financially unsustainable. This is usually attributed to demographic trends. Yet trends in unemployment and in female labour force participation are quantitatively as important. Improvements in either or both might be sufficient to rescue existing state schemes, especially if combined with an end to the practice of allowing, even after retirement, the value of a pension to rise with national earnings rather than prices. Attempts at piecemeal reform are important because nothing in economic theory suggests a switch to the alternative, fully funded pensions is desirable. Not only would such a transition be costly, and therefore politically difficult; it also neglects the fact that it makes sense to diversify the retirement portfolio, holding claims both on labour productivity and on capital assets. One can even view pensions as part of a more sophisticated system of intergenerational transfers through which workers finance their earlier education and subsequent retirement. [-]
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Economic Policy, 1999, 14, 29, p. 289-320Type
info:eu-repo/semantics/articlePublisher version
http://www3.interscience.wiley.com/cgi-bin/fulltext/119072935/PDFSTARTPublisher
BlackwellRights
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info:eu-repo/semantics/openAccess
info:eu-repo/semantics/openAccess