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Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries /
How much of an internal rate of return would a sustainable pay-as-you-go pension system offer current and future generations equally? The answer is the sum of the Long-Run Biological Interest Rates (LBIR), the real-world equivalent of Samuelson's (1958) biological interest rate, and future prod...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
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| Colección: | IMF working paper ;
WP/17/98. |
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 082 | 0 | 4 | |a 331.2522091724 |2 23 |
| 049 | |a UAMI | ||
| 100 | 1 | |a Nozaki, Masahiro, |e author. | |
| 245 | 1 | 0 | |a Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries / |c by Masahiro Nozaki. |
| 264 | 1 | |a [Washington, D.C.] : |b International Monetary Fund, |c [2017] | |
| 264 | 4 | |c ©2017 | |
| 300 | |a 1 online resource (27 pages) | ||
| 300 | |a 1 online resource | ||
| 336 | |a text |b txt |2 rdacontent | ||
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| 490 | 1 | |a IMF Working Papers, |x 1018-5941 ; |v WP/17/98 | |
| 588 | 0 | |a Print version record. | |
| 505 | 0 | |a Cover; Content; Abstract; I. Introduction; II. Setup; III. Estimating LBIR in Advanced and Developing Countries; IV. LBIR and Tradeoff Between Pension Contributions and Benefits; V. Implications of Demographic Uncertainties; VI. Concluding Remarks and Policy Implications; References; Tables; 1. Definition of Generation Groups; 2. LBIR Estimates and Demographic Indicators; 3. Replacement-Contribution Ratio and Required Contribution Rate by Assumption on Retirement Age; 4. Impact of Fertility Rate Assumptions on LBIR and Tradeoff Between Contribution and Replacement Rates; Figures. | |
| 505 | 8 | |a 1. Population Structure by Generation Group and Age2. LBIR, Old-Age Dependency Ratio, and Working-Age Population Growth; 3. LBIR Plus Productivity Growth by Region; 4. Sensitivity of LBIR to Retirement Age and the Interest Rate; 5. Ratio of Replacement Rate to Contribution Rate; 6. Tradeoff Between Replacement Rate and Contribution Rate by Country Group; 7. Fertility Rate Paths Under High- and Low-Fertility Variants; 8. Estimates of LBIR Under High- and Low-Fertility Scenarios; Appendixes; I. Composition of Country Groups by Income and Region. | |
| 500 | |a II. Estimated Long-Run Biological Interest Rate and Demographic Indicators by Country. | ||
| 520 | 3 | |a How much of an internal rate of return would a sustainable pay-as-you-go pension system offer current and future generations equally? The answer is the sum of the Long-Run Biological Interest Rates (LBIR), the real-world equivalent of Samuelson's (1958) biological interest rate, and future productivity growth. Reflecting global population ageing, the median LBIR across 172 countries is as low as 1 percent per year. The LBIRs are particularly low in advanced countries, estimated to be negative in many of them, and require ample financial reserves today or future productivity growth to maintain participation in pension schemes. On the other hand, the LBIRs in less developed regions, such as in sub-Saharan Africa, are relatively high, indicating a potential to use a pay-as-you-go scheme to expand the coverage of public pensions. Raising the retirement age by five years brings up the LBIR by 40 basis points, significantly improving the long-run budget constraint of a pension scheme. | |
| 590 | |a eBooks on EBSCOhost |b EBSCO eBook Subscription Academic Collection - Worldwide | ||
| 650 | 0 | |a Pensions |z Developing countries. | |
| 650 | 7 | |a BUSINESS & ECONOMICS |x Labor. |2 bisacsh | |
| 650 | 7 | |a POLITICAL SCIENCE |x Labor & Industrial Relations. |2 bisacsh | |
| 650 | 7 | |a Pensions. |2 fast |0 (OCoLC)fst01057086 | |
| 651 | 7 | |a Developing countries. |2 fast |0 (OCoLC)fst01242969 | |
| 776 | 0 | 8 | |i Print version: |a Nozaki, Masahiro. |t Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries. |d Washington, D.C. : International Monetary Fund, ©2017 |z 9781475595826 |
| 830 | 0 | |a IMF working paper ; |v WP/17/98. | |
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