Download Pension Policies and Public Debt in Dynamic CGE Models by D. Peter Broer, Jukka Lassila (auth.), D. Peter Broer, Jukka PDF

By D. Peter Broer, Jukka Lassila (auth.), D. Peter Broer, Jukka Lassila (eds.)

Population getting older increases a few concerns in regards to the optimality of public debt coverage and the platforms of public pension provisions which are in use in built international locations. The stories during this publication handle those questions utilizing computable common equilibrium versions. they provide illuminating insights and new empirical estimates of destiny clients of pay-as-you-go pension schemes within the "big seven" OECD international locations, the potential distortions brought via the pension platforms in 4 huge eu economies, the results of lifetime uncertainty in studying a possible reform of the Dutch pension process, results of accelerating overseas mobility of economic capital to pension regulations, and public debt relief guidelines when it comes to attainable opposed results of taxation on salary formation and unemployment.

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31 . · ·. r··--r-.. -1'....... --'" -+-1 r---. V . . K. ~-r- --<>- U. 15 I I '"a '" I I g a '" 8 '" 51 a '" Fig. l1a. Average Tax Rate, "Constant Replacement Rate" (CRR), Closed Economy. •..... : I! I ! ->--.. -... 27 k~~---c----;---cJt'L--+-----,..... K. SA ,I 0. ,~ ~ '" "'~ 0 "'~ Fig. l1b. Average Tax Rate, "Constant Contribution Rate" (CCR), Closed Economy. 12. K. A. a and b. Two cases must be distinguished: (i) if a CRR option is considered total taxes appear to become a huge burden. This is due, essentially, to the profiles of pensions contribution rates which increase sharply after year 2005.

Have also been obtained: they are very similar to the French ones. Note that the rate of technical progress is assumed to slowly increase (decrease) to reach the steady-growth value of 3 % (I %). The Future of Public Pensions 37 Recall that two antagonistic assumptions have been made, as far as the accounting framework is concerned: (a) each of the seven economies is assumed to be a closed economy or (b) there are six "small open economies dominated by the US economy". e. the domestic rate of interest of each of the six countries must equalise the "world" rate of interest which is identified to the US one.

A. a. a. : not available. Sources: OECD, 1992a. and b. 4 Simulation Results The interplay of an ageing population and a PA YG financed pension system may raise important issues for governments in the coming decades. Many policies may be considered, among which six may be viewed as benchmarks: (i) holding constant the replacement rate; (ii) holding constant the contribution rate; (iii) lengthening the minimum contribution period; (iv) switching the indexation of benefits from wages to prices; (v) increasing the legal retirement and (vi) giving incentives to people for postponing the date of their actual retirement.

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