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on Economics of Ageing |
| By: | Matteucci, Nicola; Picchio, Matteo; Santolini, Raffaella; Yebetchou Tchounkeu, Rostand Arland |
| Abstract: | The growing ageing of the population in developed economies has necessitated the progressive use of advanced information and communication technologies (ICTs) for the home care of elderly individuals. The effect of these technologies on elderly health outcomes remains an open issue. In this study, we analyze the impact of telecare on the mortality rate of elderly people in Italy using data at the municipal level and a doubly robust difference-in-differences design. Our results show that telecare services significantly reduced the mortality rate of the elderly aged 65 and over by 1.7 individuals per 1, 000 inhabitants. This effect was sizeable, since it was a 4% decrease in the elderly mortality rate relatively to the average elderly mortality rate in the treated municipalities. The reduction in the elderly mortality rate was greater in municipalities with a large proportion of childless elderly people, suggesting that telecare may be particularly useful for the elderly who find it more difficult to rely on strong family ties. Moreover, it was stronger in small municipalities, indicating that telecare may be more effective where there is a greater need to compensate for a lower level of traditional social and health care services. |
| Keywords: | telecare, elderly, health, mortality rate, municipalities |
| JEL: | I10 I18 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:glodps:1594 |
| By: | DE OLIVEIRA, FELLIPE |
| Abstract: | The report presents the calculation record of the Pension Replacement Rate (PRR) within the framework of the Supplementary Pension Regime (SPR) for public workers. Different scenarios were simulated based on three contributory models (A, B, and C), varying according to the contribution rates applied to salaries below and above the ceiling of the Federal Social Security Regime (FSSR). The projections consider entry ages into public service ranging from 20 to 50 years, an average retirement age of 62 years, real salary growth of 1.57% per year, real investment returns between 2.60% and 4.60% per year, and actuarial factors calculated based on the AT-2000 Basic mortality table. The results indicate that only in specific situations — such as early entry into public service and high investment returns — do the analyzed models ensure a satisfactory replacement rate. In most cases, the TRP is insufficient, highlighting the importance of properly choosing the contributory model to avoid negative impacts on the pension sustainability of public entities. |
| Keywords: | 1. Pension Replacement Rate (PRR) 2. Supplementary Pension Regime (SPR) 3. Public Workers Pension System 4. Public Xorkers |
| JEL: | H44 H55 H83 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:124054 |
| By: | Jinno, Masatoshi |
| Abstract: | This report examines a portfolio optimization methodology based on the investment allocation approach adopted by the Government Pension Investment Fund (GPIF). Employing quadratic programming, we derive optimal investment allocations for Japan, developed countries (excluding Japan), and emerging markets by incorporating market growth rates and variances. The analysis offers valuable insights into enhancing portfolio performance through a balanced approach to expected returns and risk management. |
| Keywords: | GPIF (Government Pension Investment Fund), Portfolio Optimization, Demographic Aging |
| JEL: | G11 G23 J14 |
| Date: | 2025–03–25 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:124093 |
| By: | LI Chao; MI Jie; ZHANG Jiaxu; KEELEY Alexander Ryota; SHI Bo; MANAGI Shunsuke |
| Abstract: | This study delves into the complex causes of low well-being among middle-aged individuals by analyzing over 1.9 million global responses from 168 countries between 2009 and 2022. Employing an exogenous switching treatment effect model and advanced machine learning techniques, this study identifies a U-shaped relationship between age and well-being, where middle-aged individuals experience the lowest levels of well-being. The present study reveals that middle-aged individuals face significantly poorer external treatment compared with the younger and older populations, contributing to a noticeable decrease in their well-being. Conversely, older adults benefit from inherent factors that boost their well-being, illustrating a positive relationship between age and well-being at older ages. Furthermore, the widening disparity in external treatment between age groups over time is particularly pronounced for middle-aged individuals. These findings provide crucial insights for policymakers, emphasizing the need for targeted interventions that address the external challenges disproportionately faced by middle-aged individuals. By understanding and addressing these external disparities, policies can be developed to enhance overall well-being across all age groups. |
| Date: | 2025–02 |
| URL: | https://d.repec.org/n?u=RePEc:eti:dpaper:25019 |
| By: | YiLi Chien; Ashley Stewart |
| Abstract: | With a rapidly aging population and economic growth near zero, Japan has faced a persistent fiscal challenge: a large social security deficit. |
| Keywords: | Japan; government debt; social security |
| Date: | 2025–04–01 |
| URL: | https://d.repec.org/n?u=RePEc:fip:l00001:99788 |
| By: | Shujaat Khan; Bo Li; Mr. Yunhui Zhao |
| Abstract: | We highlight the strong connection between developing fully-funded, individually-owned, collectively-managed, mandatory/incentivized (FICMI) pension schemes and the development of domestic stock markets. We do so by building a stylized model and complementing the analysis with cross-country empirical analysis and case studies. We also highlight the challenges of individual impatience, network externalities, and coordination failure in long-term equity investments, which are crucial for stock market development and technological innovation. We find that FICMI pension schemes—when sufficiently wide in coverage and large in size—can serve as coordination devices to support long-term equity investments. Such investments will not only promote domestic stock market development and make it easier for firms to raise long-term equity capital, therefore supporting long-term economic growth, but also enhance financial inclusion and enable more households to benefit from the overall economic development, therefore contributing to inclusive growth. Moreover, we find that the introduction of FICMI pension schemes can impact household savings in two ways: first, FICMI pension can increase household savings through “forced/incentivized” savings channel, where households save too little without FICMI pension (such as in many EMDEs); and second, FICMI pension can decrease household savings and increase household consumption by reducing non-pension savings and decreasing precautionary savings, where households save too much without FICMI pension (such as in China). In both cases, FICMI pension schemes can help move the economy closer to the optimal level of household savings, and may also help improve the structure of such savings. Finally, we discuss the enabling conditions (such as a strong political commitment to the reform and a well-designed fiscal strategy for financing the transition) and policy design for FICMI pension schemes. |
| Keywords: | Pension Reforms; Stock Market Development; Equity Financing; Innovation' Financial Inclusion; Intertemporal Optimization; Public Pensions; Funded and Private Pensions |
| Date: | 2025–02–28 |
| URL: | https://d.repec.org/n?u=RePEc:imf:imfwpa:2025/049 |
| By: | Schmitz, Hendrik; Westphal, Matthias |
| Abstract: | We study the interaction of education in adolescence and labor force participation around retirement age and its effect on cognitive abilities for individuals in Europe. Besides a direct long-run effect of education, indirect ones may arise, specifically through labor force participation. We suggest an estimator for causal mediation analysis that accommodates endogeneity and heterogeneous treatment effects and use it to identify indirect effects within the education effect. We find that education raises cognitive abilities by about 8 percent. Among the more educated, labor force participation accounts for 36 percent of the total effect, emphasizing important complementarities between education and labor force participation. |
| Abstract: | Wir untersuchen die Wechselwirkung zwischen der Bildung in der Jugend und der Beteiligung am Erwerbsleben im Rentenalter und ihre Auswirkungen auf die kognitiven Fähigkeiten von Personen in Europa. Neben einem direkten langfristigen Effekt der Bildung können indirekte Effekte auftreten, insbesondere durch die Erwerbsbeteiligung. Wir schlagen einen Schätzer für die kausale Mediationsanalyse vor, der Endogenität und heterogene Behandlungseffekte berücksichtigt und verwenden ihn zur Identifizierung indirekter Effekte innerhalb des Bildungseffekts. Es stellt sich heraus, dass Bildung die kognitiven Fähigkeiten um etwa 8 Prozent erhöht. Bei den höher Gebildeten ist die Erwerbsbeteiligung für 36 Prozent des Gesamteffekts verantwortlich. Dies unterstreicht die wichtigen Komplementaritäten zwischen Bildung und Erwerbsbeteiligung. |
| Keywords: | Cognitive abilities, causal mediation analysis, marginal treatment effects, education |
| JEL: | C31 J14 J24 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:rwirep:315483 |