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Ageing-driven pension reforms

Jan Bonenkamp, Lex Meijdam (), Eduard Ponds () and Ed Westerhout ()
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Jan Bonenkamp: APG Asset Management
Ed Westerhout: Tilburg University

Journal of Population Economics, 2017, vol. 30, issue 3, No 8, 953-976

Abstract: Abstract This paper stems from the observation that there are two worldwide trends, pension reform and population ageing, and asks whether the two may be related. Exploring the cases of pension reform in different countries, we find that, although they are very different, the cases share a common characteristic: they shift risks away from workers towards those who are retired. Furthermore, population ageing, by increasing the weight of the elderly relative to working generations, raises the price of intergenerational risk sharing. Combining these findings, we argue and show formally that pension reform can be seen as a welfare-best response to population ageing.

Keywords: Population ageing; Pension reform; PAYG pensions; Funded pensions; Welfare analysis (search for similar items in EconPapers)
JEL-codes: H55 J18 H21 (search for similar items in EconPapers)
Date: 2017
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DOI: 10.1007/s00148-017-0637-0

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