Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries ePub (Adobe DRM) download by Masahiro Mr. Nozaki

Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries

INTERNATIONAL MONETARY FUND
Publication date: April 2017
ISBN: 9781475596526
Digital Book format: ePub (Adobe DRM)

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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.
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Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries ePub (Adobe DRM) download by Masahiro Mr. Nozaki
INTERNATIONAL MONETARY FUND, April 2017
ISBN: 9781475596526
EAN:  9781475596526
ePub (Adobe DRM)
List Price: $9.00 eBook price: $6.99
Long-Run Biological Interest Rate for Pay-As-You-Go Pensions in Advanced and Developing Countries PDF (Adobe DRM) download by Masahiro Mr. Nozaki
INTERNATIONAL MONETARY FUND, April 2017
ISBN: 9781475596564
EAN:  9781475596564
PDF (Adobe DRM)
List Price: $9.00 eBook price: $6.99