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  1. Public and private pension systems and macroeconomic volatility in OECD countries
    Author: Holzner, Mario; Jestl, Stefan; Pichler, David
    Published: December 2019
    Publisher:  Wiener Institut für Internationale Wirtschaftsvergleiche, Wien

    This paper analyses the impact of public pension expenditures and pension funds' assets as well as their benefits on economic volatility. To do so, we use panel data for 35 OECD countries for the period 1980-2018 and apply a set of state-of-the-art... more

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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    This paper analyses the impact of public pension expenditures and pension funds' assets as well as their benefits on economic volatility. To do so, we use panel data for 35 OECD countries for the period 1980-2018 and apply a set of state-of-the-art econometric estimators. Our results show weak evidence of a negative impact of public pension expenditures as well as weak evidence of a positive impact of pension funds' benefits on volatility. Results were, however, found not to be very robust. In contrast, pension funds' assets do not show any evidence of being associated with economic volatility. Unsystematic fiscal policy, banking crises and political (in)stability, however, are revealed to be somewhat more robust determinants of economic volatility.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/223077
    Series: Working paper / wiiw ; 172
    Subjects: Public pensions; private pensions; pension system; macroeconomic volatility; OECD
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  2. Demographic change and the German current account surplus
    Author: Schön, Matthias
    Published: February 18, 2019
    Publisher:  Verein für Socialpolitik, [Leipzig]

    This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An ageing population both increases the supply and lowers demand of capital in an economy. Due to a longer life span individuals save... more

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    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
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    Inter-library loan:
    No inter-library loan

     

    This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An ageing population both increases the supply and lowers demand of capital in an economy. Due to a longer life span individuals save more. Fewer workers reduce the optimal capital stock. In addition, there are positive or negative effects on (net) foreign assets depending on how existing public pay as you go pension systems adjust in an ageing society. According to a two region model with endogenous savings, labour supply and a bequest motive that is augmented with actual demographic data projections for OECD countries, the demographic change is a key determinant of the current account. However, it cannot fully account for the magnitude of the recent German surplus. The simulation results further indicate that both a higher retirement age and a fixed pension level with a rising contribution rate reduce foreign assets. If the contribution rate is fixed and the pension level lowered to accommodate this, foreign assets increase.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/203527
    Edition: Preliminary version
    Series: Array ; Array
    Subjects: demographic change; current account; capital markets; pension system; OLG models
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen