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Author: Ms.Anita Tuladhar Publisher: International Monetary Fund ISBN: 1455211788 Category : Business & Economics Languages : en Pages : 65
Book Description
The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a reduction in benefits and an increase in contribution rates. Using a five-region version of the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short run, propelled by rising consumption, and in the long run, due to lower government debt crowding in higher investment. We also find that a reform action undertaken cooperatively by all regions results in larger output effects, reflecting stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact in the short run, due to the demand effects of higher labor income and in the long run because of supply effects.
Author: Ms.Anita Tuladhar Publisher: International Monetary Fund ISBN: 1455211788 Category : Business & Economics Languages : en Pages : 65
Book Description
The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a reduction in benefits and an increase in contribution rates. Using a five-region version of the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short run, propelled by rising consumption, and in the long run, due to lower government debt crowding in higher investment. We also find that a reform action undertaken cooperatively by all regions results in larger output effects, reflecting stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact in the short run, due to the demand effects of higher labor income and in the long run because of supply effects.
Author: Mr.Benedict J. Clements Publisher: International Monetary Fund ISBN: 147556631X Category : Business & Economics Languages : en Pages : 86
Book Description
Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Author: Klaus Schmidt-Hebbel Publisher: World Bank Publications ISBN: 9780821335062 Category : Business & Economics Languages : en Pages : 92
Book Description
IFC Lessons of Experience No. 1F. This report reviews the experience of the International Finance Corporation (IFC) in its role as advisor and investor in privatization transactions during the past decade. In pursuit of its mandate to further economic development by encouraging the growth of productive private enterprise in developing countries, the IFC has naturally and increasingly been involved in supporting this movement. The premise of the report is that privatization will always be partly based on political considerations, including expected redistribution of wealth and the resulting winners and losers. It discusses the IFC's experience from two perspectives: as an advisor involved before the sale, which illustrates how the IFC assists in the trade-off between political and economic goals to conclude a deal; and after privatization, which discusses the resulting economic benefits. The IFC asserts that its role in privatization is defined by the evolving frontiers of political commitment. Within those frontiers, it can help expand privatization possibilities by performing advisory assignments, providing necessary investments, and developing capital market institutions. The IFC demonstrates that privatization strategies can assume many forms with few set prescriptions. Other language editions: English (ISBN 0-8213-3447-6) Stock No. 13447 Russian -out of print-(ISBN 0-8213-3545-6) Stock No. 13545 Spanish -out of print-(ISBN 0-8213-3451-4) Stock No. 13451.
Author: Mr.Robert Holzmann Publisher: International Monetary Fund ISBN: 1451950756 Category : Business & Economics Languages : en Pages : 52
Book Description
The Chilean pension reform of 1981, in which Chile moved from an unfunded to a funded scheme, is considered to have contributed to this country’s excellent economic performance since the mid-1980s. The paper highlights the theoretical underpinnings of the claimed economic effects and presents empirical data and preliminary econometric testing of the conjectured growth, capital formation, and saving effects. The empirical evidence is consistent with most of the claims. In particular, the direct impact of financial market development on private saving is found to be negative, which underscores the importance of sound fiscal policy and public saving to support the transition.
Author: Frank Eich Publisher: International Monetary Fund ISBN: 1475505515 Category : Business & Economics Languages : en Pages : 25
Book Description
Pension reform is a key policy challenge in Russia. This paper examines how pension spending could increase in Russia in the absence of reforms, quantifies the impact of some recent proposals, and suggests some alternatives that would ensure public pension benefits - relative to wages - not fall from current levels while containing spending.
Author: Mr.Benedict J. Clements Publisher: International Monetary Fund ISBN: 1616354135 Category : Business & Economics Languages : en Pages : 86
Book Description
Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Author: David Hauner Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
Putting the pension system on a sustainable footing arguably remains the biggest challenge in Russia's economic policies. The debate about the policy options was hitherto constrained by the absence of general equilibrium analysis. This paper fills this gap by simulating their macroeconomic effects in a DSGE model calibrated to Russia's economy - the first of its kind to the best of our knowledge. The results suggest that a minimum benefit level in the public system should optimally be financed through lower government consumption, while higher taxation of labor and capital should be avoided. Reducing public investment spending is superior to increasing consumption taxes unless investment generates high rates of return.
Author: Marta Peris-Ortiz Publisher: Springer Nature ISBN: 3030379124 Category : Business & Economics Languages : en Pages : 487
Book Description
This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the OECD warn that the economic changes driven by an aging society negatively affects the sustainability of pension systems. This book analyzes different global public pension systems to offer policies, methods and tools for sustainable public pensions. Real case studies from France, Sweden, Latin America, Algeria, USA and Mexico are featured.
Author: International Monetary Fund. Fiscal Affairs Dept. Publisher: International Monetary Fund ISBN: 1498338054 Category : Business & Economics Languages : en Pages : 72
Book Description
This paper reviews past trends in public pension spending and provides projections for 27 advanced and 25 emerging economies over 2011–2050. In constructing these projections, the paper incorporates the impact of recent pension reforms and highlights the key assumptions underlying these projections and associated risks. The paper also presents reform options to address future pension spending pressures in the advanced and emerging economies. These reforms—mainly increasing retirement ages, reducing replacement rates, or increasing payroll taxes—are discussed in the context of their role in fiscal consolidation, and their implications for both equity and economic growth. In addition, the paper examines the challenge of emerging economies of expanding coverage in a fiscally sustainable manner
Author: Ms.Anita Tuladhar
Author: Ms.Anita Tuladhar
Author: Mr.Benedict J. Clements
Author: Klaus Schmidt-Hebbel
Author: Mr.Robert Holzmann
Author: Ketil Hviding
Author: Frank Eich
Author: Mr.Benedict J. Clements
Author: David Hauner
Author: Marta Peris-Ortiz
Author: International Monetary Fund. Fiscal Affairs Dept.