Beltrametti, Luca and Della Valle, Matteo (2011): Does pension debt mean anything after all?
Download (1MB) | Preview
We discuss the meaning of the concept of implicit pension debt (unfunded pen-sion liabilities) from a public finance perspective and contrast different definitions such a variable with the notion of public debt. We conclude that the implicit pen-sion is deeply different from public debt but nevertheless is meaningful for eco-nomic policy. We compute the implicit pension debt associated to retired workers for several countries for different years adopting a homogeneous algorithm. Our results show that the major countries have implicit pension debt of very different size with different trends in the last few years.
|Item Type:||MPRA Paper|
|Original Title:||Does pension debt mean anything after all?|
|Keywords:||Pension liabilities, implicit debt, sovereign debt.|
|Subjects:||H - Public Economics > H5 - National Government Expenditures and Related Policies > H55 - Social Security and Public Pensions
H - Public Economics > H6 - National Budget, Deficit, and Debt > H63 - Debt ; Debt Management ; Sovereign Debt
|Depositing User:||Luca Beltrametti|
|Date Deposited:||19. Mar 2011 16:26|
|Last Modified:||11. Feb 2013 11:55|
Auerbach, A.J., Gokhale, J. and Kotlikoff, L. (1991): "Generational Accounting: A Meaningful Al-ternative to Deficit Accounting”, in D. Bradford, Tax Policy and the Economy, Boston Nber, MIT press.
Auerbach, A.J., Gokhale, J. and Kotlikoff, L. (1992): "Generational Accounting: A New Approach to Understanding the Effects of Fiscal Policy on Saving", Scandinavian Journal of Economics, Blackwell Publishing, 94 (2): 303-18.
Banca d’Italia (2009): “Indagine sui bilanci delle famiglie italiane”, microdata.
Beltrametti, L. (1993): “Una Stima della Ricchezza Pensionistica per l’Italia (1951-1991)”, Rivista Internazionale di Scienze Sociali, (1): 3-15.
Beltrametti, L. (1996): “Il debito pensionistico in Italia”, Il Mulino.
Blanchet, D. and Le Minez, S. (2008): “Assessing Implicit Pension Liabilities for the French Pen-sion System: a Micro-Founded Approach”, paper presented at the 30th General Conference of the International Association for Research in Income and Wealth.
Blejer, M.I. and Cheasty, A. (1991): “The Measurement of Fiscal Deficits: Analytical and Meth-odological Issues”, Journal of Economic Literature, 29 (4).
Boeri, T. and Tabellini, G. (2004): “Saving the Stability Pact from Itself”, http://www.project-syndicate.org/commentary/boeri2/English.
Bohn, R. (1992): “Budget deficits and government accounting”, in «Carnegie- Rochester Confer-ence on Public Policy», 37: 1-84.
Boldrin, M. and Rustichini, A. (2000): “Political Equilibria with Social Security”, Review of Eco-nomic Dynamics, 3 (1): 41-78.
Boskin, M.J. (1982): “Federal Government Deficits: Some Myths and Realities”, The American Economic Review, Papers and Proceedings, 72: 296-303.
Brown, J. R. and Wilcox, D. W. (2009): “Discounting State and Local Pension Liabilities”, Ameri-can Economic Review, Papers and Proceedings, 99 (2): 538-542.
Brugiavini, A. (1987): “Effetti delle Pensioni sul Risparmio nella Teoria del Ciclo Vitale”, Studi e Informazioni, 4: 157-179.
Buiter, W. (1983): “Measurment of the Public Sector Deficit and Its Implications for Policy Evalua-tion and Design”, in I.M.F. Staff Papers, 30: 306-349.
Buiter, W. (1985): “A Guide to Public Sector Debt and Deficits”, Economic Policy, (1): 13-79.
Castellino, O. (1985): “C'e' un secondo debito pubblico (più grande del primo)?”, Moneta e Credi-to, XXXVIII: 21-30.
Chand, S. and Jaeger, A. (1996): “Ageing Populations and Public Pension Schemes”, Occasional Paper, 147, International Monetary Fund.
Cigno, A. (1986): “Fertility and the Tax-Benefit-System: a Reconsideration of the Theory of the Family”, Economic Journal, 96: 1035-1051.
Credit Suisse (2010): “Market Focus”, 24 May.
Disney, R. (2000): “Crises in Public Pension Programmes in Oecd: What are the Reform Op-tions?”, Economic Journal, 110: F1-F23.
Dornbusch, R. (1999): “The Great Denial”, http://www.project-syndicate.org/commentary/dor24/English.
Eisner, R. and Pieper, P.J. (1984): “A New View of the Federal Budget Deficits”, American Eco-nomic Review, 74: 11-29.
European Central Bank (2000): “Monthly Bulletin”, July.
European Commission (2010): “Proposal for a COUNCIL REGULATION (EU) amending Regula-tion (EC) No 1467/97 on speeding up and clarifying the implementation of the excessive defi-cit procedure”, 29 September.
European Council (2005): “22 and 23 march 2005, Presidency Conclusions”, Brussels, 23 March.
Feldstein, M. (1974): “Social Security, Induced Retirement, and Aggregate Capital Accumulation”, Journal of Political Economy, 5: 905-26.
Franco, D. (1995): “Pension Liabilities - Their Use and Misuse in the Assessment of Fiscal Poli-cies”, European Commission, Directorate General for Economic and financial affairs Eco-nomic Papers, 110.
Gokhale, J. and Smetters, K. (2003): “Fiscal and Generational Imbalances. New Budget Measures for New Budget Priorities”, American Entreprise Institute, Washington DC.
Hagemann, R.P. and Nicoletti, G. (1989): “Ageing Populations: Economic Effects and Implication for Public Finance”, OECD, Department of Economics and Statistics, Working Paper, 61.
Hampton T., Kurtter R., Behr E., (2011), Combining Debt and Pension Liabilities of U.S. States Enhances Comparability, Moody’s Investor Service, January 26.
Holzmann, R., Palacios, R. and Zviniene, A. (2001): “On the Economics and Scope of Implicit Pen-sion Debt: An International Perspective”, Empirica, 28: 97-129.
Kuné, J.B., Petit, W.F.M. and Pinxt, A.J.H. (1993): “The Hidden Liabilities of Basic Pension Sys-tems in the European Community”, CEPS, Working Document, 80.
Mazzaferro, C. and Morciano, M.: (2008) “CAPP_DYN: A Dynamic Microsimulation Model for the Italian Social Security System”, CAPPaper 48.
Munnell, A., Aubry, J.P., Quinby, L. (2011): “The impact of pensions on state borrowing costs”, Center for Retirement Research, wp 14, February.
Samuelson, P.A. (1958): “An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money”, Journal of Political Economy, 6: 467-482.
Tabellini, G. (1991): “The Politics of Intergenerational Redistribution”, Journal of Political Econ-omy, 99: 335- 357.
Tabellini, G. (2000): “A Positive Theory of Social Security”, The Scandinavian Journal of Econom-ics, 102 (3): 523-545.
Van den Noord, P. and Herd, R. (1993): “Pension Liabilities in the Seven Major Economies”, OCDE Economics Department Working Paper 142, Paris.
Werding, M. (2006): “Implicit Pension Debt and the Role of Public Pensions for Human Capital Accumulation: an Assessment for Germany”, IFO Institute for Economic Research & CESifo
Whiteford, P. and Whitehouse, E. (2006): “Pension Challenges and Pension Reforms in Oecd Countries”, Oxford Review of Economic Policy, 22 (1).