Reforming Pensions
Principles and Policy Choices
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Product details:
- Publisher OUP USA
- Date of Publication 23 October 2008
- ISBN 9780195311303
- Binding Hardback
- No. of pages368 pages
- Size 157x236x25 mm
- Weight 689 g
- Language English
- Illustrations 20 line illustrations 0
Categories
Long description:
Mandatory pensions are a worldwide phenomenon. However, with fixed contribution rates, monthly benefits, and retirement ages, pension systems are not consistent with three long-run trends: declining mortality, declining fertility, and earlier retirement. Many systems need reform. This book gives an extensive nontechnical explanation of the economics of pension design. The theoretical arguments have three elements:
* Pension systems have multiple objectives--consumption smoothing, insurance, poverty relief, and redistribution. Good policy needs to bear them all in mind.
* Good analysis should be framed in a second-best context-- simple economic models are a bad guide to policy design in a world with imperfect information and decision-making, incomplete markets and taxation.
* Any choice of pension system has risk-sharing and distributional consequences, which the book recognizes explicitly.
Barr and Diamond's analysis includes labor markets, capital markets, risk sharing, and gender and family, with comparison of PAYG and funded systems, recognizing that the suitable level of funding differs by country.
Alongside the economic principles of good design, policy must also take account of a country's capacity to implement the system. Thus the theoretical analysis is complemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to Chile and China.
It is required reading for anyone who wants to either become or remain a specialist in both the theory and practice of pension reform around the world.
Table of Contents:
Preface
The backdrop
PART I: Principles
Core purposes of pension systems
Basic features of pension systems
The basic economics of pensions
Pensions and labor markets
Finance and funding
Redistribution and risk sharing
Gender and family
Implementing pensions
Conclusion to Part I
PART II: Policy choices
International diversity and change
Chile: The pension system
Chile: Proposed directions for reform
China: The pension system
China: Potential directions for reform
PART III: Conclusion
Policy questions, and some answers
