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Social Security and Retirement in Uruguay

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  • Alvaro Forteza
  • Graciela Sanroman

Abstract

We estimate a structural life-cycle model for retirement behaviour using work history records of the main Uruguayan pension programme. The estimated coefficient of relative risk aversion is around 1.5 and the estimated discount rate is about 1.8 per cent per annum. The marginal disutility of work increases with age and is larger for women than men, and for private than public employees. Simulations show a very low impact of the 1995 pension reform on retirement ages. Many individuals in this population respond little to economic incentives and some individuals would advance rather than postpone retirement after the reform.

Suggested Citation

  • Alvaro Forteza & Graciela Sanroman, 2015. "Social Security and Retirement in Uruguay," Journal of Development Studies, Taylor & Francis Journals, vol. 51(4), pages 386-406, April.
    • Handle: RePEc:taf:jdevst:v:51:y:2014:i:4:p:386-406
    DOI: 10.1080/00220388.2014.983911
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    References listed on IDEAS

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    1. Jonathan Gruber & David A. Wise, 2004. "Social Security Programs and Retirement around the World: Micro-Estimation," NBER Books, National Bureau of Economic Research, Inc, number grub04-1.
    2. Jonathan Gruber & David A. Wise, 1999. "Introduction to "Social Security and Retirement around the World"," NBER Chapters, in: Social Security and Retirement around the World, pages 1-35, National Bureau of Economic Research, Inc.
    3. Jonathan Gruber & David A. Wise, 1999. "Social Security and Retirement around the World," NBER Books, National Bureau of Economic Research, Inc, number grub99-1.
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    Cited by:

    1. Gioia de Melo & Nicolás Castiñeiras & Analía Ardente & Oriana Montti & Braulio Zelko & Federico Araya, 2019. "Eligibility for retirement and replacement rates in the Uruguayan multi-pillar pension system (Elegibilidad para el retiro y tasas de reemplazo en el sistema previsional multi-pilar en Uruguay)," Revista Desarrollo y Sociedad, Universidad de los Andes,Facultad de Economía, CEDE, vol. 83(3), pages 105-144, September.
    2. Alvaro Forteza & Cecilia Noboa, 2015. "Tolerance to Tax Evasion," Documentos de Trabajo (working papers) 1015, Department of Economics - dECON.

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