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Macroeconomic Aspects

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Abstract

This chapter explains the macro economic implications of alternative pension systems on national saving, economic growth, and public budgets. It also includes issues of financial solvency and policy changes between types of pension schemes. The chapter also describes the political economy of pensions, discusses the economics of taxing pension saving, and presents the theoretical and empirical findings on the fertility implications of public pension systems.

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Notes

  1. 1.

    Which some authors term ‘personal lifetime accounts’ or ‘citizen accounts’—see Fölster (1997). In addition, Orszag et al. (1999) proposed the creation of a ‘retirement account’—one of four ‘welfare accounts’ along with an unemployment account, a human capital account, and a health account; for redistributive implications of welfare accounts, see Bovenberg et al. (2012).

  2. 2.

    See Blanchard and Weil (2001) for an economic analysis of dynamic efficiency and Ponzi games; Artzrouni (2009) for precise mathematical underpinnings of Ponzi schemes; and Frankel (2012) for a history of Ponzi games.

  3. 3.

    The General Old-Age Act (Algemene Ouderdomswet in Dutch; it was unanimously approved by Parliament on 23 March 1956).

  4. 4.

    Long-term interest rates since 1995 refer to government bonds maturing in ten years.

  5. 5.

    See Orszag and Greenstein (2001, Appendix A) and Orszag and Stiglitz (2001).

  6. 6.

    See Chaps. 8 and 9 in Volume I for the definition and examples of model calibration.

  7. 7.

    Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia, and Slovenia.

  8. 8.

    See also the special issue of the Zeitschrift für ausländisches und internationales Arbeits—und Sozialrecht (ZIAS), volume 3, issue 26, 2012.

  9. 9.

    Argentina had implemented a partial privatisation of its pension system in 1994 and Hungary in 1998; Bolivia had fully replaced its public PAYG system by a privately managed pension system in 1997.

  10. 10.

    See Galasso (2008) for a thorough exposition.

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    José Luis Iparraguirre

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Iparraguirre, J.L. (2020). Macroeconomic Aspects. In: Economics and Ageing . Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-29019-1_5

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-29018-4

  • Online ISBN: 978-3-030-29019-1

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

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