A Tradeoff between the Output and Current Account Effects of Pension Reform /

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 reti...

وصف كامل

التفاصيل البيبلوغرافية
المؤلف الرئيسي: Catalan, Mario
مؤلفون آخرون: Magud, Nicolas
التنسيق: دورية
اللغة:English
منشور في: Washington, D.C. : International Monetary Fund, 2012.
سلاسل:IMF Working Papers; Working Paper ; No. 2012/283
الوصول للمادة أونلاين:Full text available on IMF
الوصف
الملخص: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.
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وصف مادي:1 online resource (24 pages)
التنسيق:Mode of access: Internet
تدمد:1018-5941
وصول:Electronic access restricted to authorized BRAC University faculty, staff and students