Reforming Pensions

A Short Guide

Business & Finance, Industries & Professions, Insurance, Personal Finance, Retirement Planning, Economics
Cover of the book Reforming Pensions by Nicholas Barr, Peter Diamond, Oxford University Press
View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart
Author: Nicholas Barr, Peter Diamond ISBN: 9780199889068
Publisher: Oxford University Press Publication: November 30, 2009
Imprint: Oxford University Press Language: English
Author: Nicholas Barr, Peter Diamond
ISBN: 9780199889068
Publisher: Oxford University Press
Publication: November 30, 2009
Imprint: Oxford University Press
Language: English

Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements: * Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind. * Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation. * Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly. Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country. Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.

More books from Oxford University Press

Cover of the book Ecology of Predator-Prey Interactions by Nicholas Barr, Peter Diamond
Cover of the book A Generous Vision by Nicholas Barr, Peter Diamond
Cover of the book Stories from the Five Towns - With Audio Level 2 Oxford Bookworms Library by Nicholas Barr, Peter Diamond
Cover of the book Sex and Sexuality: Oxford Bibliographies Online Research Guide by Nicholas Barr, Peter Diamond
Cover of the book Science vs. Religion by Nicholas Barr, Peter Diamond
Cover of the book Canadian Stories of the Sea by Nicholas Barr, Peter Diamond
Cover of the book Environmental Sound Artists by Nicholas Barr, Peter Diamond
Cover of the book Nietzsche's New Darwinism by Nicholas Barr, Peter Diamond
Cover of the book Hate Crimes by Nicholas Barr, Peter Diamond
Cover of the book Honest Bodies by Nicholas Barr, Peter Diamond
Cover of the book Bipolar Disorder in Youth by Nicholas Barr, Peter Diamond
Cover of the book Oxford Children's Classics: The Secret Garden by Nicholas Barr, Peter Diamond
Cover of the book A Theology in Outline by Nicholas Barr, Peter Diamond
Cover of the book The Oxford Handbook of Indian Philosophy by Nicholas Barr, Peter Diamond
Cover of the book The Simple Art of Voting by Nicholas Barr, Peter Diamond
We use our own "cookies" and third party cookies to improve services and to see statistical information. By using this website, you agree to our Privacy Policy