By Joseph E. Stiglitz, Robert Holzmann

Policymakers around the world are suffering to evolve their pension platforms to the truth of getting older populations, globalization, and tightening budgets. the realm financial institution actively helps those policymakers through supporting them to spot the commercial and demographic demanding situations dealing with them to highlighting strength coverage responses and supplying implementation support.

'New principles approximately outdated Age protection' is a range of papers offered at a convention in September 1999 convened through the area financial institution and attended through best lecturers and policymakers from worldwide. those papers, that have as a consequence been revised, include a pattern of the latest considering within the international debate over pension reform.

The papers during this quantity discover a large choice of pension reform concerns. many of the issues lined during this ebook contain new techniques to multi-pillar pension reform, the relevance of index cash for pension funding in equities, and coping with public pension reserves.

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It is possible to design structures that accentuate labor market incentives but reduce welfare. To do so would be to confuse means with ends. For example, if individuals were very risk averse, imposing a large random lump sum tax on individuals in the latter part of their lives may induce both more savings and more labor supply, since individuals would work harder as a precaution against this adverse contingency. Yet such a tax could have large adverse effects on welfare (Stiglitz 1982). A particular example of this point is the changes in risk associated with a movement from defined benefit to a defined contribution system.

First, what are the best ways to isolate publicly managed prefunding arrangements from political risk or to prevent government bailouts of privately managed arrangements? While the limited best practice in highly industrialized economies such as Denmark and Canada may provide some guidance on a public approach, and the limited best practice in other industrial countries may provide some guidance on a private approach, caution may be required in the implementation in the World Bank’s typical client environment.

Savings, investment, and labor supply behavior would all be affected by the (potential) bailout and associated taxes. Whether they would be more or less affected than under an alternative social insurance program is an empirical question. Similarly, consider a program of privatization without prefunding. The additional taxes necessary to finance the debt generated by privatization without prefunding could distort labor market incentives. Indeed, in simulations reported by Corsetti and Schmidt-Hebbel (1997), a debt-financed transition to individual accounts reduces output by between 1 and 4 percent in the long run because of the distortions from higher income taxes necessary to finance the debt.

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