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Welfare effects of alternative pension reforms : Assessing the transition costs for French socio-occupational groups

Author

Listed:
  • Pierre-Yves Hénin

    (EUREQUA - Equipe Universitaire de Recherche en Economie Quantitative - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CEPREMAP - Centre pour la recherche économique et ses applications - ECO ENS-PSL - Département d'économie de l'ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres)

  • Thomas Weitzenblum

    (CEPREMAP - Centre pour la recherche économique et ses applications - ECO ENS-PSL - Département d'économie de l'ENS-PSL - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres, EURIsCO - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres)

Abstract

In this paper, we assess the welfare costs and gains of different scenarios of pension reforms in France, using a life-cycle model including various sources of heterogeneity and distinguishing between socio-occupational groups. The pension reforms considered combine features regarding the generosity of the pension system as well as features regarding the financing schemes: PAYG, the build-up of a temporary fund and that of a permanent one. We focus on both macro and distributional issues. It appears that (i) a considerable increase in savings is to be expected, even in the case where pensions remain generous, (ii) a considerable crowding-out effect would occur in the case of the constitution of a fund trust, (iii) reducing the generosity of pension seems relatively more beneficial to low-income low-life expectancy agents, while (iv) postponing the legal retirement age benefits relatively more high-income high-life expectancy agents.

Suggested Citation

  • Pierre-Yves Hénin & Thomas Weitzenblum, 2005. "Welfare effects of alternative pension reforms : Assessing the transition costs for French socio-occupational groups," Post-Print hal-00326600, HAL.
    • Handle: RePEc:hal:journl:hal-00326600
    DOI: 10.1017/S1474747205001927
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    Cited by:

    1. Joanna Tyrowicz & Krzysztof Makarski & Marcin Bielecki, 2018. "Inequality in an OLG economy with heterogeneous cohorts and pension systems," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 16(4), pages 583-606, December.
    2. Raquel Fonseca & Thepthida Sopraseuth, 2019. "Distributional effects of social security reforms: The case of France," Canadian Journal of Economics, Canadian Economics Association, vol. 52(3), pages 1289-1320, August.
    3. Beetsma, Roel & Komada, Oliwia & Makarski, Krzysztof & Tyrowicz, Joanna, 2021. "The political (in)stability of funded social security," Journal of Economic Dynamics and Control, Elsevier, vol. 133(C).
    4. Du, C. & Muysken, J. & Sleijpen, O.C.H.M., 2010. "Economy wide risk diversification in a three-pillar pension system," Research Memorandum 055, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    5. Du, C. & Muysken, J. & Sleijpen, O.C.H.M., 2010. "Economy wide risk diversification in a three-pillar pension system," Research Memorandum 055, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).

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