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A Tradeoff between the Output and Current Account Effects of Pension Reform

by Mr. Nicolas E. Magud , Mr. Mario Catalan

in Balance of payments / Econometric models / Industrial productivity / Pension reforms ;Production ;Current account ;Economic models ;Pension reform ;external balance ;dyamic general equilibrium model ;pension;retirement;retirement age;pension benefits;benefits;pension reforms;wage;pension benefit;pension reform;tax rate;payroll;pension system;labor force;payroll tax;pension spending;tax rates;lower pension;pension expenditure;benefit formula;retirement period;pension systems;wage growth;net wage;individual pension;labor income;replacement rate;wage rate;wages;retirement income;pension income;revenue collection;domestic saving;labor force participation;pensions;payroll taxes;labor input;labor incentives;net return;pay-as-you-go pension system / Pensions

2012

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A Tradeoff between the Output and Current Account Effects of Pension Reform

by Mr. Nicolas E. Magud , Mr. Mario Catalan

2012

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A Tradeoff between the Output and Current Account Effects of Pension Reform

Mr. Nicolas E. Magud,

Mr. Mario Catalan

2012

Overview

We compare the long-term output and current account effects of pension reforms that increase the retirement age with those of reforms that cut pension benefits, conditional on reforms achieving similar fiscal targets. We show the presence of a policy trade-off. Pension reforms that increase the retirement age have a large positive effect on output, but a small (and often negative) effect on the current account. In contrast, reforms that cut pension benefits improve the current account balance but reduce output. Mixed pension reforms, which extend the working life and cut pension benefits, can simultaneously boost output and the current account.

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Publisher

INTERNATIONAL MONETARY FUND,International Monetary Fund

Subject

Balance of payments

/ Econometric models

/ Industrial productivity

/ Pension reforms ;Production ;Current account ;Economic models ;Pension reform ;external balance ;dyamic general equilibrium model ;pension;retirement;retirement age;pension benefits;benefits;pension reforms;wage;pension benefit;pension reform;tax rate;payroll;pension system;labor force;payroll tax;pension spending;tax rates;lower pension;pension expenditure;benefit formula;retirement period;pension systems;wage growth;net wage;individual pension;labor income;replacement rate;wage rate;wages;retirement income;pension income;revenue collection;domestic saving;labor force participation;pensions;payroll taxes;labor input;labor incentives;net return;pay-as-you-go pension system

/ Pensions

ISBN

1616358572, 9781475576351, 1475576358, 1475563949, 9781475563948, 9781616358570