By Tito Boeri, Axel Börsch-Supan, Agar Brugiavini, Richard Disney, Arie Kapteyn, Franco Peracchi
Europeans live longer, and less now stay within the labour strength as they get older. Many eu nations have replied to the consequent monetary strain by way of reforming their public pension platforms and health and wellbeing care programmes. there's huge uncertainty as to the results of those reforms - as they generally don't regulate the unfunded nature of public welfare preparations and this uncertainty is itself high priced. not just does it undermine the credibility of public welfare programmes, however it can also distort labour provide behaviour, judgements relating to discounts and capital accumulation. extra mostly there's uncertainty concerning the total impression of getting older on welfare and society and the a number of domain names within which its results could boost.
Pensions: additional information, much less Ideology builds at the latest facts - in most cases within the box of public pensions - and highlights the benefits that will be bought via:
- harmonising methodologies utilized in a number of the international locations to file pension outlays and forecast destiny pension liabilities or extra more often than not public spending;
- defining universal criteria as to the frequency of expenditure forecasts and the size of the forecast horizons for welfare expenses;
- constructing ecu longitudinal survey of people pre- and publish retirement age, supplying well timed info on a big selection of choices through members and family concerning the growing old procedure and the continued trends.
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Additional resources for Pensions: More Information, Less Ideology: Assessing the Long-Term Sustainability of European Pension Systems: Data Requirements, Analysis and Evaluations
The first was prepared for the OECD Social Policy Committee (OECD 1988a and 1988b), and took a broad approach to ageing, examining all spending components likely to be affected by the change in the population levels and structure (pensions, health, unemployment, family benefits and education). (Referred to hereafter as OECD). This study covered most OECD countries but certain estimates were limited to only 12. The remaining three studies were examined by the Working Party No 1 on Macroeconomic and Structural Policy Analysis of the Economic Policy Committee.
These two series are modeIled jointly as a vector auto-regressive process. 4. Example/rom OASDI At the end of calendar year 1999, the combined OASDI fund held a total of $896 biIlion in 1999 doIlars, in the form of government securities. Expenditures for 1999 totaIled $393 biIlion, but income totaIled $527 biIlion, so the fund balance increased by $134 biIlion from the end of 1998. Using the modeIling procedure described above, we proceed by simulating a trajectory of future changes in real wages, interest rate and other variables, and obtain a time trajectory of the fund balance.
And ZECKHAUSER R. (1997), "Horizon length and Portfolio risk", NBER Working Paper 216. GRUBER J. and WISE D. (1999), Social security and retirement around the world, NBER, University of Chicago Press. HERBERTSSON T, ORSZAG M. (2001), "The cost of early retirement in the OECD", University of iceland, Institute of Economic Studies Working Paper 1:02. KAPTEYN A. and DE VOS K. (1999), "Social security and retirement in the Netherlands", in Gruber J. and Wise D. ), Social security and retirement around the world, NBER, University of Chicago Press.