Increasing Dependency Ratios, Pensions, and Tax Smoothing

Vito Tanzi and Efraim Sadka

No 1998/129, IMF Working Papers from International Monetary Fund

Abstract: The implication of increasing dependency ratios for pay-as-you-go, defined-benefit pension programs are examined. Modifications aimed at smoothing contributions while maintaining benefits intact are analyzed for both open and closed economies.

Keywords: WP; rate of return; exchange rate; capital market; capital market arbitrage; Dependency ratios; a pay-as-you-go; defined-benefit pension; fully funded; defined-contribution pension; tax smoothing; real exchange rate risk; closed economy; capital share; production function; capital import; tax hike; pension program; Pension spending; Pensions; Currencies; Retirement; Global (search for similar items in EconPapers)
Pages: 16
Date: 1998-09-01
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