Aging, Social Security Design, and Capital Accumulation
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World Bank, Washington, DC
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This paper analyzes the impact of aging
on capital accumulation and welfare in a country with a
sizable unfunded social security system. Using a two-period
overlapping generation model with endogenous retirement
decisions, the paper shows that the type of aging and the
type of unfunded social security system are important in
understanding this impact. The analysis compares two types
of demographic changes, declining fertility and increasing
longevity; three types of pensions, defined contributions,
defined benefits, and defined annuities; as well as
mandatory and optimal retirement systems to investigate the
differences in implications of aging.
Palabras clave
DEFINED CONTRIBUTIONS, CAPITAL MARKETS, ECONOMIC GROWTH, PRODUCTION, CAPITAL ACCUMULATION, UNFUNDED PENSIONS, OLD AGE, RETIREMENT, MORTALITY DECLINE, INCOME, INTEREST, CAPITAL ACCUMULATIONS, MANDATORY RETIREMENT, PENSION SYSTEMS, EXCHANGE, EQUILIBRIUM VALUE, UTILITY MAXIMIZATION, INCOME GROUP, LABOR FORCE, PENSION CONTRIBUTION, DEVELOPING COUNTRIES, DEMOGRAPHIC FACTORS, WELFARE, ECONOMIC IMPLICATIONS, EFFECTS, INCENTIVES, EQUILIBRIUM, POLICY DISCUSSIONS, RETIREMENT SYSTEM, FACTORS OF PRODUCTION, MARGINAL PRODUCTIVITY, CAPITAL STOCK, TAX, LABOR FORCE PARTICIPATION, PENSION SYSTEM, REAL WAGES, WEALTH, SAVING, EARLY RETIREMENT, OLD-AGE, PENSION, RETIREMENT AGES, LIFE EXPECTANCY, LABOR MARKET, SAVINGS, RATE OF POPULATION GROWTH, DEVELOPMENT ECONOMICS, POPULATION GROWTH, FERTILITY RATES, INCOME INEQUALITY, BABY, RETIREMENT AGE, PRODUCTIVITY, MIGRATION, CRITERIA, MARKETS, OVERLAPPING GENERATIONS MODEL, ORGANIZATIONS, SOCIAL SECURITY, ECONOMICS LITERATURE, DEPENDENCY RATIO, LABOR, UTILITY, MORTALITY, STATIC EQUILIBRIUM, ELDERLY, TAXES, RESPECT, PROGRESS, DEFINED BENEFIT, DEMOGRAPHIC TRANSITION, CONSUMPTION, HUMAN CAPITAL, YOUNG AGE, SOCIAL SECURITY SYSTEMS, CAPITAL, WAGES, POLICIES, ANNUITIES, FUTURE, POLICY RESEARCH WORKING PAPER, VALUE, PENSIONS, CONTRIBUTION RATE, MACROECONOMICS, DEMOGRAPHIC CHANGE, ENVIRONMENTAL CONCERNS, UTILITY FUNCTION, SHARE OF CAPITAL, SHARES, EQUILIBRIUM VALUES, ELDERLY PEOPLE, ECONOMICS, POLICY, PRODUCTION FUNCTION, OUTPUT, MANAGEMENT, FUNCTIONAL FORMS, DEMOGRAPHIC CHANGES, THEORY, CONTRIBUTION SYSTEM, SECURITY, WARS, ANNUITY, INVESTMENT, WORLD POPULATION, SHARE, NUMBER OF CHILDREN, LOWER FERTILITY, FUNDED PENSIONS, POPULATION, SOCIAL SECURITY SYSTEM, RETIREMENT DECISIONS, PENSION COVERAGE, POLICY RESEARCH, FERTILITY, DEMOGRAPHIC, HEALTHY LIFE, CAPITAL INVESTMENT, RETIREMENT INCENTIVES, OUTCOMES, DECLINE IN FERTILITY, RETIREMENT SYSTEMS, DEFINED BENEFITS, LEVEL OF FERTILITY, DEVELOPMENT POLICY, BOOM GENERATIONS, FUTURE RESEARCH