Macroeconomic Effects of Pension Reforms in the Context of Ageing Populations: Overlapping Generations Model Simulations for Tunisia

Tahar Abdessalem () and Houyem Chekki Cherni
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Tahar Abdessalem: Ecole Polytechnique de Tunisie

No 603, Working Papers from Economic Research Forum

Abstract: We have developed a general equilibrium overlapping generations’ model to evaluate the effects of demographic transition in Tunisia and to discuss the impacts of pension reforms. Simulations consider two scenarios: a benchmark scenario (without reforms) and a policy change scenario including a set of pension reforms: contribution rate increase, pensions’ level reduction, rise of the retirement age and finally the introduction of a complementary fully funded system. The latter incorporates a specific hypothesis consisting in differentiated returns for free saving (private) and compulsory (pension funds). Simulation results indicate that population ageing could have a major impact on saving rate, factors prices, and economic growth. However, they also inform that policy reforms could reduce negative effects.

Pages: 25
Date: 2011-01-07, Revised 2011-01-07
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Journal Article: Macroeconomic effects of pension reforms in the context of aging populations: overlapping generations model simulations for Tunisia (2016)
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