Aging and the Macroeconomy

Aging and the Macroeconomy
Author: National Research Council
Publisher: National Academies Press
Total Pages: 230
Release: 2013-01-10
Genre: Social Science
ISBN: 0309261961

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The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.

Aging Populations and Public Pension Schemes

Aging Populations and Public Pension Schemes
Author: Sheetal K. Chand
Publisher: International Monetary Fund
Total Pages: 56
Release: 1996-12-30
Genre: Business & Economics
ISBN: 9781557756206

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This paper discusses a study analyzing aging populations and public pension schemes. An aging society is characterized by a growing proportion of the retired to the active working population. The study examines the pension-related aging problem primarily from a fiscal perspective. It analyzes how prospective demographic developments that affect the proportion of the pensionable elderly affect pension outlays. It confirms that very serious fiscal stresses are in prospect for most industrial economies. Addressing such problems satisfactorily will require major actions early, given the long lead times involved in reforming a pension fund's financial position.

Macroeconomic Aspects of Aging and Retirement of College and University Teachers

Macroeconomic Aspects of Aging and Retirement of College and University Teachers
Author: Geeta Nair
Publisher: Springer
Total Pages: 78
Release: 2017-07-19
Genre: Education
ISBN: 1137574720

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This book explores the universal and highly topical issues of ageing and retirement. It places a particular focus on the macroeconomic aspects of the ageing and retirement of college and university teachers, through a case study of teachers and professors in France and India. While the ageing of the population and the financing of the pension system are notoriously pressing issues in Western nations such as France, it has previously not been acknowledged that these issues are also critical to the development trajectory of emerging countries such as India. The book also highlights the importance of pensions for welfare, well-being and stability in all categories of workers, including workers in the informal sector and private companies devoid of pension schemes, where jobs are largely irregular and temporary in nature. It will be of great interest to researchers in the fields of comparative education, sociology and economics.

Macroeconomic Effects of Public Pension Reforms

Macroeconomic Effects of Public Pension Reforms
Author: Ms.Anita Tuladhar
Publisher: International Monetary Fund
Total Pages: 65
Release: 2010-12-01
Genre: Business & Economics
ISBN: 1455211788

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The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a reduction in benefits and an increase in contribution rates. Using a five-region version of the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short run, propelled by rising consumption, and in the long run, due to lower government debt crowding in higher investment. We also find that a reform action undertaken cooperatively by all regions results in larger output effects, reflecting stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact in the short run, due to the demand effects of higher labor income and in the long run because of supply effects.

Ageing and Pension Reform Around the World

Ageing and Pension Reform Around the World
Author: Giuliano Bonoli
Publisher: Edward Elgar Publishing
Total Pages: 292
Release: 2006-01-01
Genre: Social Science
ISBN: 1845423372

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This is an admirable example of a multi-authored comparative book. The two editors set the scene very carefully in the opening chapter and the subsequent chapters follow the framework set out and use the concepts explored there. In this never simple policy area, national systems are explained as clearly as possible by each author. Michael Hill, Journal of Social Policy This is an enlightening introduction to the global dimensions and complexity of pension reform. Recommended. J.F. O Connell, Choice Population ageing and the resulting pressures on existing pension systems constitutes one of the most important challenges modern societies will have to face over the coming decades. Although governments have responded to such pressures by adopting a plethora of pension reforms, the adaptation process is far from over. This book comprehensively documents developments in pension policy in eleven advanced industrial countries in Western Europe, East Asia and North America. In order to explore what population ageing means for the sustainability of pension systems, the authors present a detailed review of pension policy making over the past two decades and provide up-to-date analysis of current pension legislation. They examine the factors that can facilitate or impede the adaptation of pension systems and the features that shape and determine reforms. They also highlight the fact that although the path of reform taken by each country is somewhat different, the processes at work are often very similar. Ageing populations throughout the world are extremely reluctant to see their pension systems dismantled and are therefore prepared to mobilise in their defence. This process of mobilisation interacts with demographic pressures and institutional constraints to help determine the future direction of pension policy. The breadth of geographic coverage provides an almost global picture of the impact of ageing on pension reform, at least in terms of high income countries. Academics and students with an interest in economics, social policy, sociology and political science will find this a worthwhile and rewarding volume. It will also be of value to policymakers interested in how the problem of unsustainable pension systems can be resolved.