Pension reform in emerging countries: Simulations on the Tunisian case

Mehdi Ben Braham

No 2006-WP-06, NFI Working Papers from Indiana State University, Scott College of Business, Networks Financial Institute

Abstract: This paper discusses the impact of aging on the financial equilibrium of the Tunisian retirement system and the macroeconomic implications of reform and introduces capitalized pillars. Using a stylized, closed economy, overlapping generation model to analyze the impact of the introduction of a multi-pillar system combining pay-as-you-go (PAYG) and funded elements (both temporary and permanent funded elements), the analysis is focused, on the one hand, on the saving response to the reform in the aggregate level and, on the other hand, on accumulation and consumption profile per cohort. The reform leads to an important crowding-out effect, limiting the increase of capital accumulation. The simulations show also that the burden of the reform is unequally supported by the different cohorts.

Keywords: Aging; pension reform; saving (search for similar items in EconPapers)
JEL-codes: E27 H55 J11 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2006-08
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