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on Economics of Ageing |
| By: | Benítez-Silva, Hugo.; García Pérez, Jose Ignacio; Jiménez Martín, Sergi |
| Abstract: | Unemployment rates in developed countries have recently reached levels not seen in a generation, and workers of all ages are facing increasing probabilities of losing their jobs and considerable losses in accumulated assets. These events likely increase the reliance that most older workers will have on public social insurance programs, exactly at a time that public finances are suffering from a large drop in contributions. Our paper explicitly accounts for employment uncertainty and unexpected wealth shocks, something that has been relatively overlooked in the literature, but that has grown in importance in recent years. Using administrative and household level data we empirically characterize a life-cycle model of retirement and claiming decisions in terms of the employment, wage, health, and mortality uncertainty faced by individuals. Our benchmark model explains with great accuracy the strikingly high proportion of individuals who claim benefits exactly at the Early Retirement Age, while still explaining the increased claiming hazard at the Normal Retirement Age. We also discuss some policy experiments and their interplay with employment uncertainty. Additionally, we analyze the effects of negative wealth shocks on the labor supply and claiming decisions of older Americans. Our results can explain why early claiming has remained very high in the last years even as the early retirement penalties have increased substantially compared with previous periods, and why labor force participation has remained quite high for older workers even in the midst of the worse employment crisis in decades. |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdaddt:2011-09&r=age |
| By: | Holzmann, Robert; Koettl, Johannes |
| Abstract: | Portability of social benefits across professions and countries is an increasing concern for individuals and policy makers. Lacking or incomplete transfers of acquired social rights are feared to negatively impact individual labor market decisions as well as capacity to address social risks with consequences for economic and social outcomes. The paper gives a fresh and provocative look on the international perspective of the topic that has so far been dominated by social policy lawyers working within the framework of bilateral agreements; the input by economists has been very limited. It offers an analytical framework for portability analysis that suggests separating the risk pooling, (implicit or actual) pre-funding and redistributive elements in the benefit designand explores the proposed alternative approach for pensions and health care benefits. This promising approach may serve both as a substitute and complement to bi- and multilateral agreements. |
| Keywords: | Gender and Law,Health Monitoring&Evaluation,Population Policies,Pensions&Retirement Systems,Debt Markets |
| Date: | 2011–05–11 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:hdnspu:62725&r=age |
| By: | Hagist, Christian; Raffelhüschen, Bernd; Risa, Alf Erling; Vårdal, Erling |
| Abstract: | Generational Accounts (GAs) measure the fiscal sustainability of the public sector. We ask whether the contributions from the Government Pension Fund and remaining oil and gas wealth in the ground, together with the pension reform taking effect in 2011, are sufficiently large to secure generational balance in Norway. Our results show that the pension reform has a substantial effect, and contributes as much to generational balance as the total petroleum wealth. Neither increased economic growth per se nor increased fertility contribute to improve the GAs. The structural characteristics of higher employment and lower transfer payments typical for cyclical upturns, improve the GAs substantially. Optimistic assumptions regarding these structural characteristics do not remove the need for further reforms to obtain fiscal sustainability of the Norwegian public sector. -- |
| Keywords: | Generational Accounting,Norway,Fiscal Policy,Intergenerational redistribution |
| JEL: | H50 J10 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:fzgdps:49&r=age |
| By: | Laporte, Christine; Schellenberg, Grant |
| Abstract: | In this study, the income management strategies of Canadian couples are examined using data from the 2007 General Social Survey. The extent to which "older" couples, in which at least one spouse or partner is aged 45 or older, employ an allocative, pooled, or separate strategy is explored. Results show that the income management strategies used by these couples are correlated with relationship characteristics, such as common-law status, duration of relationship, and the presence of children. As well, the likelihood of using a separate approach is positively correlated with levels of educational attainment and with the amount of income received by wives or female partners. |
| Keywords: | Labour, Income, pensions, spending and wealth, Seniors, Wages, salaries and other earnings, Household, family and personal income, Income, pensions and wealth |
| Date: | 2011–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:stc:stcp3e:2011335e&r=age |
| By: | Laporte, Christine; Schellenberg, Grant |
| Abstract: | Dans la présente étude, on examine les stratégies de gestion du revenu des couples canadiens dont au moins un des conjoints ou partenaires est âgé de 45 ans et plus à l'aide des données de l'Enquête sociale générale de 2007. On tâche de déterminer dans quelle mesure les couples optent pour l'allocation, la mise en commun ou la séparation des revenus. Les résultats révèlent que les stratégies de gestion du revenu adoptées par les couples sont liées aux caractéristiques de la relation, dont l'union libre, la durée de la relation et la présence d'enfants. En outre, la probabilité de séparer les revenus est liée positivement au niveau de scolarité et au montant du revenu de la femme. |
| Keywords: | Travail, Revenu, pensions, dépenses et richesse, Aînés, Salaires, traitements et autres gains, Revenu du ménage, revenu familial et personnel, Revenu, pension et patrimoine |
| Date: | 2011–06–22 |
| URL: | http://d.repec.org/n?u=RePEc:stc:stcp3f:2011335f&r=age |