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(UBS Pensions Series 040) Pensions: Overview of Issues

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  • Nicholas Barr

Abstract

Many countries face increasing fiscal problems financing pensions in the face of population aging. There is controversy about the underlying economic theory, about the extent of the problem, and about the best mix of policies to protect old-age security. This paper establishes the areas of debate: gives thumbnail descriptions of pension arrangements in different countries; discusses the main analytical and empirical issues relevant to thinking about pension design; and assess a range of policy directions. The main conclusions are that what matters most is effective government and economic growth; that the debate between pay-as-you-go and funding is secondary; that good pension schemes can take many forms; and that there is a problem in financing pensions, but not a crisis.

Suggested Citation

  • Nicholas Barr, 2006. "(UBS Pensions Series 040) Pensions: Overview of Issues," FMG Discussion Papers dp562, Financial Markets Group.
    • Handle: RePEc:fmg:fmgdps:dp562
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    File URL: http://www.lse.ac.uk/fmg/workingPapers/discussionPapers/fmgdps/dp562ubs040.pdf
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    Cited by:

    1. Mitchell, O.S. & Piggott, J., 2016. "Workplace-Linked Pensions for an Aging Demographic," Handbook of the Economics of Population Aging, in: Piggott, John & Woodland, Alan (ed.), Handbook of the Economics of Population Aging, edition 1, volume 1, chapter 0, pages 865-904, Elsevier.
    2. Martin Stepanek, 2017. "Pension Reforms and Adverse Demographics: The Case of the Czech Republic," Working Papers IES 2017/15, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Aug 2017.
    3. Tim Buyse & Freddy Heylen & Renaat Van de Kerckhove, 2013. "Pension reform, employment by age, and long-run growth," Journal of Population Economics, Springer;European Society for Population Economics, vol. 26(2), pages 769-809, April.
    4. Augusto Ruperez Micola & Francisco Penaranda, 2011. "On the divers of commodity co-movement: Evidence from biofuels," DEM Discussion Paper Series 11-14, Department of Economics at the University of Luxembourg.
    5. J. Iñaki De La Peña & M. Cristina Fernández-Ramos & Asier Garayeta & Iratxe D. Martín, 2022. "Transforming Private Pensions: An Actuarial Model to Face Long-Term Costs," Mathematics, MDPI, vol. 10(7), pages 1-17, March.
    6. Mauro Visaggio, 2019. "Extending the retirement age for preserving the costitutive pension system mission," Public Finance Research Papers 40, Istituto di Economia e Finanza, DSGE, Sapienza University of Rome.
    7. T. Buyse & F. Heylen & R. Van De Kerckhove, 2011. "Pension reform, employment by age, and long-run growth in OECD countries," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 11/719, Ghent University, Faculty of Economics and Business Administration.
    8. Van Borm, Hannah & Burn, Ian & Baert, Stijn, 2021. "What Does a Job Candidate's Age Signal to Employers?," Labour Economics, Elsevier, vol. 71(C).
    9. Kosanović, Rajko & Paunović, Sanja, 2010. "The reform of the pensions system in Serbia and the proposals of the International Monetary Fund," SEER Journal for Labour and Social Affairs in Eastern Europe, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 13(1), pages 103-120.
    10. Colm McCarthy, 2009. "Irish pensions policy and public debt management," Open Access publications 10197/1527, School of Economics, University College Dublin.
    11. Johnston, Lauren A., 2020. "China’s Economic Demography Transition Strategy: A Population Weighted Approach to the Economy and Policy," GLO Discussion Paper Series 593, Global Labor Organization (GLO).
    12. Nancy Quinceno Cárdenas, 2014. "Modelación basada en agentes en el sistema pensional colombiano. Una aproximación desde el mercado laboral y la dinámica poblacional," Revista CIFE, Universidad Santo Tomás, September.
    13. Jim Been & Olaf Vliet, 2017. "Early Retirement across Europe. Does Non-Standard Employment Increase Participation of Older Workers?," Kyklos, Wiley Blackwell, vol. 70(2), pages 163-188, May.
    14. Sergio Cesaratto, 2011. "The macroeconomics of pension reform: The case of severance pay reform in Italy," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 8(1), pages 69-89.

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