The Economic Implications of Aging Societies
The Costs of Living Happily Ever After
By: Steven Nyce, Sylvester Schieber
Hardcover | 19 May 2005
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424 Pages
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Industry Reviews
List of Figures and Tables | p. xi |
Preface | p. xxi |
Acknowledgments | p. xxiii |
Introduction | p. 1 |
Population Developments in a Global Context | p. 8 |
A Brief Historical Perspective | p. 8 |
Underlying Forces Driving Changing Population Structures | p. 11 |
Changing Life Expectancy | p. 13 |
Changing Fertility Rates | p. 17 |
Immigration Rates | p. 20 |
Evolving National Populations | p. 22 |
National Population Age Structures | p. 25 |
The Prospects of Growing Age Dependency | p. 33 |
Pension Options, Motivations and Choices | p. 35 |
Retirement Plans as a Consumption Allocation Mechanism | p. 36 |
Approaches to Financing Pensions | p. 37 |
Factors behind National Retirement Choices | p. 43 |
Why Pay-Go Pensions Became So Popular | p. 50 |
New Realities Spur New Considerations on Pension Choices | p. 55 |
Demographics and the Efficiency of Alternative Pension Systems | p. 56 |
Labor Supply Patterns and the Efficiency of Alternative Pension Systems | p. 57 |
Interest Rates and Wage Growth and the Efficiency of Alternative Pension Systems | p. 64 |
Aging Populations in the Context of Total Economic Dependency | p. 68 |
New Realities Raise Concerns for Policy Analysts | p. 78 |
Pension Structures and the Implications of Aging | p. 81 |
Contemporary Approaches to Providing Income Security for the Elderly | p. 81 |
Public First Tiers in the Retirement System | p. 82 |
Public Second Tiers in the Retirement System | p. 84 |
Employer-Sponsored Third Tiers in the Retirement System | p. 88 |
Retirement Ages, Retirement Patterns, and Retiree Populations | p. 92 |
Retiree Income Levels | p. 101 |
Sources of Retiree Income | p. 103 |
Retirement Systems and the Economic Costs of Aging | p. 107 |
Consumption and Savings Rates under Alternative Retirement Systems | p. 108 |
Retirement Saving Versus Consumption Loans | p. 109 |
Another View of Consumption and Savings Rates under Retirement Systems | p. 112 |
Retirement Patterns under Alternative Retirement Systems | p. 121 |
Retirement Living Standards under Alternative Retirement Systems | p. 122 |
Pension Funding Realities | p. 123 |
What Appears to be Pension Funding Might Not be Real Funding | p. 123 |
Funded Pensions Cannot Overcome All Demographic Challenges | p. 125 |
Pension Transitions are Costly and Raise Equity Issues | p. 126 |
Beyond Pensions to Health Care Considerations | p. 129 |
Age and Health Consumption Patterns | p. 130 |
Factors Other than Aging Driving Up Health Costs | p. 135 |
Longer Lives and Health Care Consumption in Old Age | p. 139 |
Explaining the Intensity Spiral in Health Care Consumption | p. 143 |
Policy Concerns over the Evolution of Health Technology | p. 145 |
Long Term Care Provision in Changing Societies | p. 149 |
The Health Care Dilemma | p. 151 |
Labor Supply and Living Standards | p. 154 |
Building Blocks for Producing National Output | p. 156 |
The Story behind Changing Labor Productivity Levels | p. 160 |
Improving Productivity Leads to Improved Living Standards | p. 163 |
Demographics and Output Demand | p. 165 |
The Linkages between Output Demand and Labor Demand | p. 172 |
The Foundation for Growth in the Coming Decades | p. 181 |
Retirement Systems' Role in Determining Retirement Burden Levels | p. 185 |
Too Many Wants or Too Few Workers? | p. 195 |
Framework and Baseline for Viewing the Labor Market Options | p. 196 |
Increasing Labor Force Participation Generally | p. 199 |
Increasing Female Labor Force Participation Rates | p. 201 |
Increasing Labor Force Participation of Older People | p. 202 |
Increasing Labor Force Participation of Young Adults | p. 203 |
Matching Labor Force Participation Rates of High-Rate Countries | p. 207 |
Immigration as a Potential Source of Added Workers | p. 210 |
Alternatives to Finding More Workers | p. 214 |
Capital Deepening as a Possible Alternative to Additional Labor Supply | p. 214 |
Utilizing Existing Human Capital More Efficiently | p. 228 |
Aligning Retirement Policy with Labor Needs | p. 234 |
The Role of Plan Structure on Retirement and Work Behavior | p. 235 |
Factors Affecting Early Labor Force Withdrawals | p. 241 |
Effects of Occupational Programs on Labor Markets | p. 247 |
Workforce Incentives Created by Non-Employment Benefits | p. 258 |
Funding Pensions and Securing Retiree Claims | p. 264 |
Case Studies of Nations Shifting to Funded Pensions | p. 264 |
Asset Management and Utilization in Funded Pension Systems | p. 269 |
Investing Pension Funds in Government Bonds | p. 272 |
Motivations for Individual Account Systems and Their Operation | p. 276 |
Foreign Investment as a Means to Achieving Fair Returns | p. 279 |
Potential International Demand for Pension Fund Savings | p. 285 |
Macroeconomic Policies for Improved Living Standards | p. 290 |
Pursuing Higher Labor Force Participation Levels | p. 290 |
Pursuing Higher Rates of Productivity Growth | p. 293 |
Spreading the Benefits of Added Economic Growth | p. 297 |
Investing in Developing Economies | p. 305 |
Risks Associated with Alternative Public Policies | p. 315 |
Insuring Against Economic Risks during the Working Period | p. 317 |
Insuring Against Economic Risks during the Retirement Period | p. 330 |
The Political Economy Risks in Aging Societies | p. 338 |
The Risks of Denial of a Problem | p. 338 |
Political Risks from Delay in Addressing Aging Issues | p. 345 |
Roadmap to the Future | p. 351 |
Principles for Reforming National Pensions | p. 352 |
Maintain Disability and Early Survivors Programs as Social Insurance | p. 352 |
Continue to Provide Extra Protection to the Economically Vulnerable | p. 353 |
Saving Through Retirement Savings Programs Increases Flexibility | p. 354 |
Pension Reform Should Provide Equitable Treatment Between Participants | p. 356 |
Pension Funding Transition Costs Should be Spread Across Generations | p. 356 |
Pension Accounting Should be Done on an Accrual Basis | p. 357 |
The Pension System Should be Structured to Encourage Economic Efficiency | p. 357 |
Assure that Risks Borne by Individuals are Diversified and at Tolerable Levels | p. 358 |
Keep Administrative Costs Low | p. 358 |
Some Portion of Retirement Savings Should be Annuitized at Retirement | p. 359 |
Annuitization Should be on a Joint and Survivor Basis for Couples | p. 359 |
Reforms Should Assure Long-Term Solvency of the Pension System | p. 360 |
Pension Reforms Should be Explicit and Transparent | p. 360 |
Benefits in Reformed Pension Systems Should be Transparent | p. 361 |
Pension Reforms Should be Undertaken as Soon as Possible | p. 361 |
Principles for Reforming Employer-Based Pensions | p. 363 |
Bringing Health Care under Control | p. 364 |
Facilitating Cross-National Capital Flows | p. 368 |
Conclusion | p. 370 |
Table of Contents provided by Ingram. All Rights Reserved. |
ISBN: 9780521851534
ISBN-10: 052185153X
Published: 19th May 2005
Format: Hardcover
Language: English
Number of Pages: 424
Audience: Professional and Scholarly
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.86 x 15.24 x 2.39
Weight (kg): 0.84
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