|
on Economics of Ageing |
| By: | Nicolás Salamanca (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne | ARC Centre of Excellence for Children and Families over the Life Course Institute of Labor Economics); Andries de Grip (Research Centre for Education and the Labour Market, Institute of Labor Economics; Netspar); Olaf Sleijpen (Department of Economics, Maastricht University; De Nederlandsche Bank) |
| Abstract: | We show that people exposed to greater pension risk are less likely to invest in risky assets. We exploit a reform that links people’s future pension benefits to their pension funds’ funding ratio—a measure of the fund’s financial health—making funding ratios a fund-specific measure of pension risk. The effect of pension risk is stronger for people who are better informed about their pensions, for retirees and pension-age non-retirees, and for wealthier people. The funding ratio does not affect investments in a pre-reform period, nor does it affect bequest intentions, (expected) retirement, or the motivations for saving. |
| Keywords: | Individual portfolio choice; background risk; retirement planning; pension reform; The Netherlands |
| JEL: | D14 J22 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2020n05&r= |
| By: | Courtney Coile; et al. |
| Abstract: | The decline in the labor force participation of older men throughout the 20th century, as well as the substantial increases in participation among older men and women over the past two decades, have generated substantial interest in understanding the effect of public pension programs on retirement decisions. This paper details the work of the National Bureau of Economic Research’s International Social Security (ISS) Project, a long-term collaboration among researchers in a dozen developed countries, to explore this and related questions. The ISS project employs a harmonized approach to conduct within-country analyses that can be combined for meaningful cross-country comparisons. The key lesson learned from this project is that the choices of policy makers affect the incentive to work at older ages and that these incentives have important effects on retirement behavior. |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:fda:fdaddt:2022-02&r= |
| By: | Marc Chan (Department of Economics, The University of Melbourne Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University); Cain Polidano (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne); Ha Vu (Department of Economics, Deakin University; Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University); Roger Wilkins (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne | Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University IZA Institute of Labor Economics); Andrew Carter (Australian Taxation Office); Hang To (Australian Taxation Office) |
| Abstract: | Concerns over the adequacy of low and middle-income earner contributions to retirement plans have led governments to introduce targeted matching schemes. In this study, we examine the effects of a simple and generous Australian scheme using administrative tax-filer data, exploiting longitudinal changes in eligibility and match rates. We find small increases in the proportion who contribute and bunching at the eligible maximum, but lower average contributions because the matching payment displaces contributions of high contributors. Contributions through unmatched channels are also crowded out. These findings highlight the difficulties of targeting matching schemes and question the merits of simplifying them. |
| Keywords: | Private pension, matching schemes, retirement income, aging population |
| JEL: | I3 J14 H55 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2020n27&r= |
| By: | Ruppert, Kilian; Schön, Matthias; Stähler, Nikolai |
| Abstract: | This paper assesses how a permanent shift from financing a public pay-as-you-go pension by direct (labour income) taxation towards financing it by indirect(consumption) taxation affects the economy and welfare. To this end, we use anoverlapping-generations-augmented two-region general equilibrium framework withsearch frictions on the labour market. The analysed tax reform partially shifts thetax burden from domestic to foreign producers and lowers marginal costs of domes-tic production and generates positive domestic macroeconomic effects. In addition,the partial postponement of a household's tax burden to retirement leads to highersavings and increases domestic assets. However, for some time after implementationof the tax reform, the policy-induced increase in consumption costs makes retireesand households close to retirement worse off. Moreover, the increase in domesticnet foreign assets implies that consumption of foreign households eventually falls,which stands in contrast to what is commonly found in models without an endoge-nous savings motive. |
| Keywords: | Fiscal devaluation,OLG models,Pension system,Optimal taxation |
| JEL: | E24 E62 H21 H55 J26 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdps:472021&r= |
| By: | Maximilian Longmuir (Department of Economics, Freie Universität Berlin) |
| Abstract: | The omission of pension wealth potentially distorts the international comparison of wealth distributions. Private pension wealth is often included in households’ wealth portfolios, while public pension claims are not. Augmented wealth, the sum of net worth and pension wealth, resolves this limitation by including the present value of social security pension wealth. This paper provides a detailed analysis of augmented wealth in Australia between 2002 and 2018, capturing the establishment of the compulsory private pension scheme, Superannuation, which was introduced in 1992. Moreover, I depict the interaction of Superannuation with the public scheme Age Pension and how that affects the overall wealth distribution. Augmented wealth in Australia is found to be less equally distributed than wealth in Germany or Switzerland, but more equally than in the United States. |
| Keywords: | Augmented wealth, net worth, pension wealth, Household, Income and Labour Dynamics in Australia Survey |
| JEL: | D31 H55 J32 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2021n04&r= |
| By: | Davoine, Thomas (University of Applied Sciences Western Switzerland and Institute for Advanced Studies (IHS), Vienna, Austria) |
| Abstract: | Higher fertility slowly increases the workers-to-retirees ratio over the long run, which can ease the pension financing challenge brought about by population aging. It may or may not increase production per capita. Existing simulation studies all find a positive impact on public finances over the long run. They however differ on the impact on output per capita. Whether differences are due to model designs or country characteristics is unknown. Using the same macroeconomic model for a sample of 14 European countries, I find that the long-run pension deficits are reduced 27% on average, if one woman out of five had one more child in her lifetime. Variations across countries are small. On the other hand, I find that output per capita increases in all countries from my sample, with one exception. Differences in population structures, age-productivity profiles and pension systems can explain the exception. Fertility-promoting policies will always ease the public finance challenge due to population aging, but may worsen output per capita if pension payments are too loosely connected to earnings histories or if age-productivity profiles are very steep. |
| Keywords: | ertility, population aging, pensions, productivity profiles, computable general equilibrium |
| JEL: | C68 H55 J11 J13 |
| Date: | 2022–02 |
| URL: | http://d.repec.org/n?u=RePEc:ihs:ihswps:38&r= |
| By: | Matteo Lanzafame (Asian Development Bank) |
| Abstract: | This paper provides estimates of the impact of demographic change on labor productivity growth, relying on annual data over 1961-2018 for a panel f 90 advanced and emerging economies. We find that increases in both the young and old population shares have significantly negative effects on labor productivity growth, working via various channels – including physical and human capital accumulation. Splitting the analysis for advanced and emerging economies shows that population ageing has a greater effect on emerging economies than on advanced economies. Extending the benchmark model to include a proxy for the robotization of production, we find evidence indicating that automation reduces the negative effects unfavorable demographic change – in particular, population aging-on labor productivity. |
| Keywords: | Demographic Change, Labor Productivity, Robots |
| JEL: | C33 J11 O40 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:fem:femwpa:2021.30&r= |
| By: | Cain Polidano (Melbourne Institute: Applied Economic & Social Research,The University of Melbourne | Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University); Andrew Carter (Australian Taxation Office); Marc Chan (Department of Economics, The University of Melbourne; Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University); Abraham Chigavazira (Melbourne Institute: Applied Economic & Social Research,The University of Melbourne); Hang To (Australian Taxation Office); Justin Holland (Australian Taxation Office); Son Nguyen (Australian Taxation Office); Ha Vu (Department of Economics, Deakin University; Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University); Roger Wilkins (Melbourne Institute: Applied Economic & Social Research,The University of Melbourne | Tax and Transfer Policy Institute, Crawford School of Public Policy, Australian National University) |
| Abstract: | The Australian Taxation Office release of annual longitudinally linked individual tax and superannuation records, known as the ATO Longitudinal Information Files (ALife), opens-up opportunities for new research. In this study, we provide an overview of ALife, focusing on its use for retirement income research. To this end, we provide the first longitudinal estimates of superannuation outcomes for one-year birth cohorts. Results show marked increase in disparity of super balances in the lead-up to retirement as those in the top quartile ramp-up their contributions, possibly to take advantage of the favourable tax treatment of superannuation income in retirement years. |
| Keywords: | retirement income; taxation; private pension |
| JEL: | H24 H55 J26 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2020n04&r= |
| By: | Antonia Settle (Melbourne Institute: Applied Economic & Social Research, the University of Melbourne) |
| Abstract: | Household disengagement in retirement planning is an important policy issue across the OECD. In contrast to conventional behavioural economics framing, this paper draws on the literature on political alienation and insider/outsider theory to explore links between distributional outcomes and household engagement with Australia’s defined contribution pension system. The paper argues that support for the system is much weaker than assumed in the empirical literature, which tends to ignore concerns about equity even as they arise in empirical research, because distributional issues don’t sit comfortably in the prevailing behavioural framework. Supported by preliminary data on the government’s COVID related early withdrawal scheme, the paper uses primary survey data collected in a financial diaries study to construct objective and subjective measures of attitudes, engagement and distributional outcomes for individual households in the pension system. The analysis finds widely held concerns about fairness and a positive correlation between disengagement and poor distributional outcomes within the pension system. |
| Keywords: | superannuation, households, inequality, financial diaries |
| JEL: | J32 G41 D31 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2021n29&r= |
| By: | Birgit Leimer (Johannes Gutenberg University Mainz); Reyn Joris van Ewijk (Johannes Gutenberg University Mainz) |
| Abstract: | Becoming a grandparent is one of the major life transitions experienced by older individuals. Using data from ten Western European countries, we show that grandparenthood on average leads to a reduction in well-being while hardly impacting physical, cognitive and mental health. Effects are heterogeneous, though. Reductions in well-being appear among those having less family contact and not providing child care. Those with the opposite profile – except grandmothers providing daily child care – experience some health improvements without reduced well-being. Well-being reductions are not driven by unwanted/unplanned children. Grandparenthood induces people to retire, but retirement seems no relevant channel for well-being and health effects. |
| Date: | 2022–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:jgu:wpaper:2201&r= |
| By: | Frédéric Gannon (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po); Gilles Le Garrec (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po); Vincent Touzé (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po) |
| Abstract: | Cet article étudie comment l'adoption d'un système universel (SUR) par points impacte le taux de taxation marginal implicite de la cotisation retraite. À partir des formules de calcul des droits à pension, nous identifions deux facteurs centraux pour analyser la nature du changement : le facteur de revalorisation du salaire et le taux de remplacement marginal du salaire revalorisé. Nous observons également que le mode de calcul de la pension à prestations définies versée par la CNAV induit une discontinuité car seules les hausses marginales de salaires associées aux meilleures années cotisées comptent. Nos calculs montrent dans quelle mesure la cotisation SUR élimine cette discontinuité et réduit également le taux marginal de taxation de la cotisation AGIRC-ARRCO grâce à une meilleure indexation de la valeur des points. La cotisation SUR n'élimine pas le taux marginal implicite mais conduit à un profil plus lisse sur l'ensemble du cycle de vie. |
| Keywords: | taux de cotisation,calculs des pensions,taxation,cycle de vie |
| Date: | 2020–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03466704&r= |
| By: | Brotherhood, Luiz; Kircher, Philipp (Université catholique de Louvain, LIDAM/CORE, Belgium); Santos, Cezar; Tertilt, Michele |
| Abstract: | This paper investigates the importance of the age composition in the Covid-19 pandemic. We augment a standard SIR epidemiological model with individual choices on work and non-work social distancing. Infected individuals are initially uncertain unless they are tested. We find that older individuals socially distance themselves substantially in equilibrium. An optimal lockdown then confines the young more. The strictness and economic costs of the optimal lockdown depend on whether or not individuals can telework. Testing and quarantines save lives, even if conducted just on the young. When some testing is available, the optimal lockdown is much lighter and GDP rises even compared with a no-policy benchmark. |
| Keywords: | Covid-19 ; testing ; social distancing ; age ; age-specific policies |
| JEL: | E17 C63 D62 I10 I18 |
| Date: | 2021–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:cor:louvco:2021034&r= |
| By: | Mohamed Ali Ben Halima (CEET - Centre d'études de l'emploi et du travail - Ministère du Travail, de l'Emploi et de la Santé - CNAM - Conservatoire National des Arts et Métiers [CNAM] - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche, LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM], TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS - Centre National de la Recherche Scientifique); Camille Ciriez; Malik Koubi (CEET - Centre d'études de l'emploi et du travail - Ministère du Travail, de l'Emploi et de la Santé - CNAM - Conservatoire National des Arts et Métiers [CNAM] - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Ali Skalli (LEMMA - Laboratoire d'économie mathématique et de microéconomie appliquée - UP2 - Université Panthéon-Assas - SU - Sorbonne Université) |
| Abstract: | In 2010, a new reform of the French pension system took place. It consisted in delaying the pension eligibility age by 2 extra-years within a rather short transition period as only the 1950-1955 generations were concerned. While the stated objective of the reform was the increase of senior workers' labour supply and the reduction of the pension insurance deficit, a number of studies have shown that similar reforms usually induce collateral effects as well, including shifts towards alternative insurance schemes such as unemployment or disability. In this paper, we use administrative data from the Hygie panel 2005-2015 to assess another indirect effect; namely the effect on sick-leave. This, we believe, is an important issue as if such an effect turns out to be significant, then that would imply that while the reform aimed at reducing the pension insurance deficit, it actually also widened that of the public health insurance. We consider alternative measures of sickness absence and show that the reform has indeed resulted in a significant increase in these. This is true for the whole population although the highlighted effects are gender-sensitive: While the estimated effects on the probability of sick leave are higher for women, they are lower when it comes to the duration of absence spells. |
| Abstract: | En 2010, la France a réformé son système de retraite en augmentant de 2 ans l'âge d'ouverture des droits avec une période de transition relativement courte, ne s'étendant qu'entre les générations 1950 et 1955. Si l'objectif affiché est bien l'augmentation de l'offre de travail des seniors et la réduction du déficit des caisses de l'assurance-retraite, plusieurs études montrent que ce type de réforme engendre aussi des effets collatéraux comme le déversement vers des régimes alternatifs tels que le chômage ou l'invalidité. Dans cet article, nous mobilisons la base administrative Hygie 2005-2015 pour explorer un autre de ces effets indirects : celui sur les absences-maladie. Si un tel effet s'avérait significatif, cela impliquerait qu'en cherchant à réduire le déficit des caisses d'assurance-retraite, la réforme a aussi creusé celui de l'assurance-maladie. Nous considérons alternativement diverses mesures de l'absence-maladie et montrons que la réforme des retraites a bel et bien entrainé une augmentation significative des arrêts-maladie et ce, pour l'ensemble de la population, mais avec des effets différenciés selon le genre : plus prononcés pour les femmes s'agissant de la probabilité d'arrêt et du nombre d'arrêts, ils le sont moins s'agissant de la durée de ces arrêts. |
| Keywords: | Pension system reform,Sick leave,Labour supply,Public policies,Réforme des retraites,Absence-maladie,Offre de travail,Politiques publiques |
| Date: | 2022–01–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03509628&r= |
| By: | Ingo S. Seifert; Julia M. Rohrer; Boris Egloff; Stefan C. Schmukle |
| Abstract: | Several studies have suggested that the rank-order stability of personality increases until midlife and declines later in old age. However, this inverted U-shaped pattern has not consistently emerged in previous research; in particular, a recent investigation implementing several methodological advances failed to support it. To resolve the matter, we analyzed data from two representative panel studies and investigated how certain methodological decisions affect conclusions regarding the age trajectories of stability. The data came from Australia (N = 15,465; Study 1) and Germany (N = 21,777; Study 2), and each study included four waves of personality assessment. We investigated the life span development of the rank-order stability of the Big Five for 4-, 8-, and 12-year intervals. Whereas Study 1 provided strong evidence for an inverted U-shape with rank-order stability declining past age 50, Study 2 provided more mixed results that nonetheless generally supported the inverted U-shape. This developmental trend held for single personality traits as well as for the overall pattern across traits; and it held for all three retest intervals—both descriptively and in formal tests. Additionally, we found evidence that health-related changes accounted for the decline in rank-order stability in older age. This suggests that if analyses are implicitly conditioned on health (e.g., by excluding participants with missing data on later waves), the decline in stability in old age will be underestimated or even missed. Our results provide further evidence for the inverted U-shaped age pattern in personality stability development but also extend knowledge about the underlying processes. |
| Keywords: | personality development, rank-order stability, Big Five, panel studies, local structural equation modeling |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1156&r= |
| By: | Eva Asselmann; Jule Specht |
| Abstract: | Objective: At work, people are confronted with clear behavioral expectations. In line with the Social Investment Principle, the beginning and ending of working life might thus promote changes in personality traits that are relevant at work (e.g., Conscientiousness). Method: Based on the data from the Socio- Economic Panel Study (SOEP), we examined nuanced differences of the Big Five personality traits in the years around the beginning and ending of working life. Whether participants had started working or retired in the past year was assessed yearly. The Big Five personality traits were assessed in four waves between 2005 and 2017. Results: In people who started working, multilevel analyses revealed that Conscientiousness was higher in the first year of working life versus all other years. Extraversion was higher in and after the first year of working life versus before, and Agreeableness increased gradually in the three years after people had started working. In people who retired, Conscientiousness was lower in and after the first year of retirement versus before. No other traits differed around the start of retirement. Conclusions: Our findings suggest that the start of working life might promote personality maturation and that retirement might promote personality “relaxation.” |
| Keywords: | age differences, career, development, employment, first job, gender differences, life event, life transition, longitudinal, retirement |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1138&r= |
| By: | Mara Barschkett; C. Katharina Spiess; Elena Ziege |
| Abstract: | Grandparents act as the third largest caregiver after parental care and daycare in Germany, as in many Western societies. Adopting a double-generation perspective, we investigate the causal impact of this care mode on children’s health, socio-emotional behavior, and school outcomes, as well as parental well-being. Based on representative German panel data sets, and exploiting arguably exogenous variations in geographical distance to grandparents, we analyze age-specific effects, taking into account counterfactual care modes. Our results suggest null or negative effects on children’s outcomes: If children three years and older are in full-time daycare or school and, in addition, cared for by grandparents, they have more health and socio-emotional problems, in particular conduct problems. In contrast, our results point to positive effects on parental satisfaction with the childcare situation and leisure. The effects for mothers correspond to an increase of 11 percent in satisfaction with the childcare situation and 14 percent in satisfaction with leisure, compared to the mean, although the results differ by child age. While the increase in paternal satisfaction with the childcare situation is, at 21 percent, even higher, we do not find an effect on paternal satisfaction with leisure. |
| Keywords: | grandparental childcare, socio-emotional outcomes, cognitive outcomes, parental well-being, instrumental variable |
| JEL: | D1 I21 I31 J13 J14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1152&r= |
| By: | Aurelien Eyquem (Univ Lyon, Université Lumière Lyon 2, GATE UMR 5824, F-69130 Ecully, France; Institut Universitaire de France.); Masahige Hamano (Faculty of Political Science and Economics, Waseda University, 1-6-1 Nishiwaseda Shinjuku-ku, Tokyo 169-8050, Japan.) |
| Abstract: | A tractable model with heterogeneous households is proposed to analyze the two-way interactions between demographic and macroeconomic variables. Total population and labor market participation are both endogenous and affected by economic as well as demographic factors.In addition, demographic factors have direct effects on aggregate productivity through selection effects on the labor market. We show that aging and negative fertility shocks have opposite predictions in terms of their effects on GDP per capita and aggregate productivity.A quantitative exercise based on Japanese data suggests that an aging shock alone has relatively little effects and falls short in replicating the data, while considering negative fertility shocks fits the data much better. |
| Keywords: | Heterogeneous workers, Aging, Productivity, Labor markets. |
| JEL: | E20 J11 J13 J21 |
| Date: | 2021–02 |
| URL: | http://d.repec.org/n?u=RePEc:wap:wpaper:2121&r= |
| By: | Bernd Fitzenberger; Gary Mena; Jan Nimczik; Uwe Sunde |
| Abstract: | Economists increasingly recognise the importance of personality traits for socio-economic outcomes, but little is known about the stability of these traits over the life cycle. Existing empirical contributions typically focus on age patterns and disregard cohort and period influences. This paper contributes novel evidence for the separability of age, period, and cohort effects for a broad range of personality traits based on systematic specification tests for disentangling age, period and cohort influences. Our estimates document that for different cohorts, the evolution of personality traits across the life cycle follows a stable, though non-constant, age profile, while there are sizeable differences across time periods. |
| Keywords: | Big Five Personality Traits, Locus of Control, Risk Attitudes, Age-Period-Cohort Decomposition, Life Cycle |
| JEL: | D8 J1 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:diw:diwsop:diw_sp1153&r= |
| By: | Michael Baker (University of Toronto [Scarborough, Canada]); Janet Currie (Princeton University); Boriana Miloucheva (University of Toronto [Scarborough, Canada]); Hannes Schwandt (Northwestern University [Evanston]); Josselin Thuilliez (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This study provides comparisons of inequalities in mortality between the United States, Canada and France using the most recent available data. The period between 2010 and 2018 saw increases in mortality and in inequality in mortality for most age and gender groups in the United States. The main exceptions were children under 5 and adults over 65. In contrast, Canada saw a further flattening of mortality gradients in most groups, as well as further declines in overall mortality. The sole exception was Canadian women over 80 years old, who saw small increases in mortality rates. France saw continuing improvements in mortality rates in all groups. Both Canada and France have distributions of mortality that are much more equal than those in the United States, demonstrating the importance of public policy in the achievement of equality in health. |
| Keywords: | age-specific mortality,Canada,France,mortality inequality,United States |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03214607&r= |
| By: | John Ameriks; Andrew Caplin; Minjoon Lee; Matthew D. Shapiro; Christopher Tonetti |
| Abstract: | Cognitive decline may lead older Americans to make poor financial decisions. Preventing poor decisions may require timely transfer of financial control to a reliable agent. Cognitive decline, however, can develop unnoticed, creating the possibility of suboptimal timing of the transfer of control. This paper presents survey-based evidence that wealthholders regard suboptimal timing of the transfer of control, in particular delay due to unnoticed cognitive decline, as a substantial risk to financial well-being. This paper provides a theoretical framework to model such a lack of awareness and the resulting welfare loss. |
| JEL: | D14 E21 G51 G53 |
| Date: | 2022–01 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29634&r= |
| By: | Tian Xiong (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW)); Kaan Celebi (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW)); Paul J.J. Welfens (Europäisches Institut für Internationale Wirtschaftsbeziehungen (EIIW)) |
| Abstract: | There has been a long-standing debate over the development of savings rates in developed economies, and an emphasis has been placed on ageing societies and a global savings glut. Meanwhile, with rising global temperatures and more frequent extreme weather events becoming an increasingly visible economic and ecological global challenge, the concern of climate-related risks could indeed be an important issue in monetary and real economic analysis. This study aims to investigate the dual long-term challenge of sustainable economic development. By constructing an enhanced growth model and investigating empirically, using a panel approach which employs data from OECD countries between 1980 to 2020, the question as to the extent to which the savings rate is affected by ageing populations and environmental degradation will be addressed in a broad macro perspective. This study explores for the first time the impact of natural disasters on OECD countries and the main findings indicate that ageing populations and natural disasters have significant negative impacts on savings rates. Moreover, the analyses using sub-samples suggest a diminishing role of the real long-term interest rate regarding savings behaviour. |
| Keywords: | savings rate, ageing, natural disaster, economic growth, panel analysis, OECD |
| JEL: | E21 E43 J11 O11 Q54 C33 |
| Date: | 2021–12 |
| URL: | http://d.repec.org/n?u=RePEc:bwu:eiiwdp:disbei309&r= |
| By: | Claudia Senik (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, SU - Sorbonne Université); Guglielmo Zappalà (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Carine Milcent (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Chloé Gerves-Pinquié (IRSRPL - Institut Recherche en Santé Respiratoire des Pays de la Loire); Patricia Dargent-Molina (INSERM - Institut National de la Santé et de la Recherche Médicale) |
| Abstract: | We explore the effects of adapted physical exercise programs in nursing homes, in which some residents suffer from dementia and/or physical limitations and other do not. We use data from 452 participants followed over 12 months in 32 retirement homes in four European countries. Using a difference-in-difference with individual random effects model, we show that the program has exerted a significant impact on the number of falls and the self-declared health and health-related quality of life of residents (EQ-5D). The wide scope of this study, in terms of sites, countries, and measured outcomes, brings generality to previously existing evidence. A simple computation, in the case of France, suggests that such programs are highly cost-efficient. |
| Keywords: | Physical activity,Retirement homes,Impact study,Subjective health,Falls |
| Date: | 2021–05–14 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:halshs-03205172&r= |
| By: | Luc Arrondel; Carole Bonnet; Frédéric Gannon (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po); Gilles Le Garrec (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po); Florence Legros; Vincent Touzé (OFCE - Observatoire français des conjonctures économiques - Sciences Po - Sciences Po) |
| Abstract: | En France, l'organisation des régimes de retraite pourrait être considérablement transformée avec la mise en place progressive d'un système universel de retraite par points, sans modification de l'actuel financement par répartition, à compter de l'année 2022. Cette réforme systémique, qui a déjà obtenu une première validation par l'Assemblée nationale le 5 mars 2020 après que le gouvernement ait eu recours à l'article 49.3, a été suspendue dans la foulée par le Président Macron le 16 mars 2020 en raison de la crise de la Covid-19. En conséquence, le devenir de cette réforme centrale du quinquennat est incertain. Quoi qu'il en soit, cette dernière a replacé la question des retraites au cœur du débat public. [Premier paragraphe] |
| Keywords: | système de retraite,réforme,retrraites,débat public,régimes de retraite |
| Date: | 2020–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03466681&r= |
| By: | Ou Yang (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne); Jongsay Yong (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne); Yuting Zhang (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne); Anthony Scott (Melbourne Institute: Applied Economic & Social Research, The University of Melbourne) |
| Abstract: | We quantify competition in Australia's residential aged care sector and study how competition is associated with quality of care and prices in the sector. Competition is defined three ways: the number of competitors within a 10 km radius of a facility; the distance (in km) to the third closest competing facility; and Herfindahl-Hirschman index based on market share of facilities within 10 km. We further examine whether quality and price differ by ownership types (government owned, for profit, and not for profit), after controlling for competition. We find that more competition is not associated with better quality or lower prices. Governmentowned facilities, in comparison to for-profit and not-for-profit facilities, are found to provide higher quality in some domains but not in others, yet tend to charge lower prices than other ownership types. The results indicate the possibility of market failures in aged care. Two key sources of market failures, the lack of public reporting of quality of care and price transparency, should be addressed as policy priorities before competition can work in residential aged care markets. |
| Keywords: | Nursing home competition, Aged care quality, Aged care prices, Australia |
| JEL: | I11 I18 L80 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:iae:iaewps:wp2021n02&r= |