A Review of Tito Boeri, Lans Bovenberg, Benoît Coeuré, and Andrew Roberts's Dealing with the New Giants and Peter J. Orszag, Mark Iwry, and William G. Gale's Aging Gracefully

Olivia Mitchell

Journal of Economic Literature, 2008, vol. 46, issue 4, pages 983-88

Abstract: Global aging will impose greater economic demands on the young and may entail dramatic consumption shortfalls for the old. Against this gloomy backdrop, many analysts hail the world’s funded pension systems as a means to protect future retirement security. The monographs reviewed ask how funded pension plans might be restructured to better meet the policy challenges of global aging. Both show that the pension institution must be reformulated to better provide for both economic growth and demographic aging. Questions remain regarding how retirement policy can better integrate intergenerational adequacy and incentive considerations.

Date: 2008

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