A tradeoff between the output and current account effects of pension reform
Catalán, Mario, 1972-
A tradeoff between the output and current account effects of pension reform [electronic resource] / prepared by Mario Catálan and Nicolas E. Magud. - [Washington, D.C.] : International Monetary Fund, ©2012. - 1 online resource (24 pages). - IMF working paper ; WP/12/283 . - IMF working paper ; WP/12/283. .
Title from PDF title page (IMF Web site, viewed Dec. 6, 2012). "Institute for Capacity Development." "December 2012."
Includes bibliographical references.
We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.
9781616358570 1616358572
Industrial productivity--Econometric models.
Balance of payments--Econometric models.
Pensions--Econometric models.
Balance of payments--Econometric models.
Industrial productivity--Econometric models.
Pensions--Econometric models.
Electronic books.
BUSINESS & ECONOMICS / Industries / General
Electronic books.
HG3881.5.I58 / W67 No. 12/283eb
338/.06
A tradeoff between the output and current account effects of pension reform [electronic resource] / prepared by Mario Catálan and Nicolas E. Magud. - [Washington, D.C.] : International Monetary Fund, ©2012. - 1 online resource (24 pages). - IMF working paper ; WP/12/283 . - IMF working paper ; WP/12/283. .
Title from PDF title page (IMF Web site, viewed Dec. 6, 2012). "Institute for Capacity Development." "December 2012."
Includes bibliographical references.
We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.
9781616358570 1616358572
Industrial productivity--Econometric models.
Balance of payments--Econometric models.
Pensions--Econometric models.
Balance of payments--Econometric models.
Industrial productivity--Econometric models.
Pensions--Econometric models.
Electronic books.
BUSINESS & ECONOMICS / Industries / General
Electronic books.
HG3881.5.I58 / W67 No. 12/283eb
338/.06