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How Macroeconomic and Financial Fluctuations Affect Retirement: The Case of an Oil Producing Country

Author

Listed:
  • José de Jesús Rocha Salazar

    (University of Liverpool)

  • María del Carmen Boado-Penas

    (University of Liverpool)

Abstract

This paper analyzes the impact of macroeconomic and financial variables on retirement. Special attention is given to petroleum prices since this variable has not been taken into account in previous studies and is essential for those countries immersed in the trade of this natural resource. Not only unemployment rate but also stock market and petroleum prices are considered as explanatory variables in our model. The study considers the reactions of retirement by gender, age and level of education. We conclude that in the long term, there is an increase in the number of new pensioners when oil prices decrease.

Suggested Citation

  • José de Jesús Rocha Salazar & María del Carmen Boado-Penas, 2019. "How Macroeconomic and Financial Fluctuations Affect Retirement: The Case of an Oil Producing Country," Economics Bulletin, AccessEcon, vol. 39(4), pages 2955-2962.
    • Handle: RePEc:ebl:ecbull:eb-19-00587
    as

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    References listed on IDEAS

    as
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    4. Cavalcanti, Tiago & Jalles, João Tovar, 2013. "Macroeconomic effects of oil price shocks in Brazil and in the United States," Applied Energy, Elsevier, vol. 104(C), pages 475-486.
    5. Johansen, Soren, 1991. "Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models," Econometrica, Econometric Society, vol. 59(6), pages 1551-1580, November.
    6. Barry P. Bosworth & Gary Burtless, 2010. "Recessions, Wealth Destruction, and the Timing of Retirement," Working Papers, Center for Retirement Research at Boston College wp2010-21, Center for Retirement Research, revised Dec 2010.
    7. Alicia H. Munnell & Steven Sass & Mauricio Soto & Natalia Zhivan, 2006. "Has the Displacement of Older Workers Increased?," Working Papers, Center for Retirement Research at Boston College wp2006-17, Center for Retirement Research, revised Sep 2006.
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    More about this item

    Keywords

    Financial effect; macroeconomic effect; petroleum prices; retirement decisions;
    All these keywords.

    JEL classification:

    • Q4 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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