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Author/Editor:
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Mario Catalan ; Nicolas E. Magud
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Publication Date:
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December 03, 2012
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Electronic Access:
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Free Full text
(PDF file size is 1,070KB).
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.
The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate
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Summary:
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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Order a print copy
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Series:
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Working Paper No. 12/283
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Subject(s):
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Pension reforms | Production | Current account | Economic models
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English
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Publication Date:
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December 03, 2012
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ISBN/ISSN:
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9781475563948/1018-5941
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Format:
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Paper
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Stock No:
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WPIEA2012283
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Pages:
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24
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Price:
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US$18.00 )
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Please address any questions about this title to
publications@imf.org
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