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Pension Reform in Japan

Author

Listed:
  • Akira Okamoto

    (Faculty of Economics, Okayama University, Naka 3-chome, Tsushima, Okayama, 700-8530, Japan)

Abstract

This paper aims to establish guidelines for public pension reform in Japan, using a numerical simulation approach. The paper introduces the example of a minimum guaranteed pension in the Swedish pension system and compares this with the basic pension in Japan’s public pension system, with regard to methods of income redistribution through a public pension scheme. Simulation results show that the switch from the basic pension to the guaranteed pension does not always generate favorable results. If we consider a public pension program with the same scale as the current Japanese program, the highest level of social welfare is attained when a public pension system consists of only a basic pension and is financed by a consumption tax.

Suggested Citation

  • Akira Okamoto, 2010. "Pension Reform in Japan," Economic Analysis and Policy, Elsevier, vol. 40(2), pages 179-208, September.
    • Handle: RePEc:eee:ecanpo:v:40:y:2010:i:2:p:179-208
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    Citations

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    Cited by:

    1. Maebayashi, Noritaka, 2018. "Is an unfunded social security system good or bad for growth? A theoretical analysis of social security systems financed by VAT," MPRA Paper 90881, University Library of Munich, Germany.
    2. Noritaka Maebayashi, 2020. "Is an unfunded social security system good or bad for growth? A theoretical analysis of social security systems financed by VAT," Journal of Public Economic Theory, Association for Public Economic Theory, vol. 22(4), pages 1069-1104, August.
    3. Okamoto, Akira, 2022. "Intergenerational earnings mobility and demographic dynamics: Welfare analysis of an aging Japan," Economic Analysis and Policy, Elsevier, vol. 74(C), pages 76-104.
    4. Okamoto, Akira, 2021. "Immigration policy and demographic dynamics: Welfare analysis of an aging Japan," Journal of the Japanese and International Economies, Elsevier, vol. 62(C).
    5. Akira Okamoto, 2013. "Welfare Analysis of Pension Reforms in an Ageing Japan," The Japanese Economic Review, Japanese Economic Association, vol. 64(4), pages 452-483, December.
    6. Gahramanov, Emin & Tang, Xueli, 2013. "A mixed blessing of lifespan heterogeneity," Journal of the Japanese and International Economies, Elsevier, vol. 29(C), pages 142-153.
    7. Akira Okamoto, 2013. "Simulating Public Pension Reforms in an Aging Japan: Welfare Analysis with LSRA Transfers," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 9(4), pages 597-632, September.

    More about this item

    Keywords

    Public pension reform; Swedish pension system; Minimum guaranteed pension; Basic pension; Life-cycle general equilibrium simulation model;
    All these keywords.

    JEL classification:

    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models

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