Demographic Change, Social Security Systems, and Savings

David Bloom, David Canning, Rick Mansfield and Michael Moore
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Rick Mansfield: Yale University

PGDA Working Papers from Program on the Global Demography of Aging

Abstract: In theory, improvements in health life expectancy should generate increases in the average age of retirement, with little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent retirement age from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in countries with universal pension coverage and retirement incentives, though the effect disappears in countries with pay-as-you-go systems and high replacement rates.

Keywords: Savings; demographic change; population economics; social security systems (search for similar items in EconPapers)
Date: 2006-10
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Related works:
Journal Article: Demographic change, social security systems, and savings (2007)
Working Paper: Demographic Change, Social Security Systems, and Savings (2006)
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