Self-insurance Against Natural Disasters : The Use of Pension Funds in Pacific Island Countries /

Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by this policy action, we provide a normative analysis of the use of early pension withdraw...

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Detalles Bibliográficos
Autor Principal: Guo, Si
Outros autores: Narita, Futoshi
Formato: Revista
Idioma:English
Publicado: Washington, D.C. : International Monetary Fund, 2018.
Series:IMF Working Papers; Working Paper ; No. 2018/155
Acceso en liña:Full text available on IMF
Descripción
Summary:Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by this policy action, we provide a normative analysis of the use of early pension withdrawals after disasters, by setting up a life-cycle saving model with myopic households facing large natural disaster shocks. The model demonstrates the key trade-off between building up sufficient retirement savings and ensuring the access to savings against natural disaster shocks, and sheds light on welfare implications of early pension withdrawals.
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Descrición Física:1 online resource (22 pages)
Formato:Mode of access: Internet
ISSN:1018-5941
Acceso:Electronic access restricted to authorized BRAC University faculty, staff and students