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on Economics of Ageing |
| By: | Chomik , Rafal (University of New South Wales); O’Keefe , Philip (University of New South Wales); Piggott , John (University of New South Wales) |
| Abstract: | Asia and the Pacific has the most diverse regional pension landscape globally. Yet the region’s pension systems are facing common challenges as they attempt to expand coverage, and ensure adequacy and fairness, while maintaining fiscal sustainability. We review the structures and performance of pension systems across Asia and the Pacific. Most remain characterized by low contributory coverage, social pensions with inadequate benefits and often low (or no) coverage, and informal sector schemes with modest traction to date. They are also characterized by gender inequities, lack of policy flexibility and attention to labor incentives, and underdeveloped governance structures. The paper makes proposals for addressing these challenges through an expanded role for social pensions with inclusive targeting, reformed contributory schemes, ongoing innovations for the informal sector and women, and enhanced reliance on technology. |
| Keywords: | pension; Asian pension; social protection in Asia; means tested pension |
| JEL: | H55 J18 N35 |
| Date: | 2024–10–24 |
| URL: | https://d.repec.org/n?u=RePEc:ris:adbewp:0746 |
| By: | Kirill Moiseev |
| Abstract: | In countries with a growing number of elderly and a shrinking workforce, one of which is Russia, it becomes impossible to maintain a solidary pension system and a need to switch to a more stable funded system appears. This paper analyzes various scenarios of Russia's transition to such a system. This is the first study on the Russian economy in which an Overlapping Generations Model is used to simulate the pension transition. It is demonstrated that in the long term, the transition to a funded system slightly reduces the welfare of pensioners, and during the transition, the situation of pensioners deteriorates strongly. However, it is also important to emphasize that the transition imposes a heavy burden on all generations living during the reform, they are forced to consume less and greatly change their savings, while also often starting to work more. Such conclusions are made concerning average population cohorts, and the results may not be the same for different groups of individuals within these cohorts. In different scenarios, the pension system transition can cause both economic growth and economic recession, as well as a corresponding increase or decrease in wages and consumption. |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2410.14004 |
| By: | Motta, Matt (Boston University School of Public Health); Callaghan, Timothy; Ross, Jennifer; Yokum, David Vincent (North Carolina) |
| Abstract: | Infection with Respiratory Syncytial Virus (RSV) is associated with tens of thousands of hospitalizations in a typical year. Most US adults are not likely to experience severe cases of RSV infection, but adults aged 60 or older are at elevated risk of experiencing hospitalization or death due to RSV. While RSV vaccines are available for adults aged 60 or older, and have been shown to significantly reduce the likelihood that older adults experience severe cases of RSV, less than one quarter of those eligible have opted to receive the vaccine. In the context of RSV vaccination, Reversal Narrative (RN) messages share stories about individuals who previously refused to receive the vaccine, but – in response to personal negative health outcomes (“regret” RN messaging) and/or new scientific information (“rationalizing” RN messaging) – ultimately changed their mind. In a large and nationally representative survey (N = 1, 300) of US adults, as well as a state-representative survey (N = 850) of a highly vaccinated US state, we demonstrate that unvaccinated adults over the age of 60 are significantly more likely to intend to receive an RSV vaccine when exposed to regret-focused (but not rationalizing) RN messaging. We conclude by discussing the viability of RN messaging as a vaccine promotion tactic, and consider how researchers might partner with health communicators to explore their viability in a wide range of health contexts. |
| Date: | 2024–10–15 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:q34kj |
| By: | John Armstrong; James Dalby |
| Abstract: | We mathematically demonstrate how and what it means for two collective pension funds to mutually insure one another against systematic longevity risk. The key equation that facilitates the exchange of insurance is a market clearing condition. This enables an insurance market to be established even if the two funds face the same mortality risk, so long as they have different risk preferences. Provided the preferences of the two funds are not too dissimilar, insurance provides little benefit, implying the base scheme is effectively optimal. When preferences vary significantly, insurance can be beneficial. |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2410.07749 |