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La réforme des retraites: une évaluation des coûts de transition
| Content Provider | Semantic Scholar |
|---|---|
| Author | Henin, P. Weitzenblum, Thomas |
| Copyright Year | 2003 |
| Abstract | In order to assess the welfare costs and gains of di erent scenarios of pension reforms for French socio-occupational groups,we compute transition paths from the current situation to the steady states resulting from the ultimate e ects of reforms.Accounting for di erent income and mortality risks,together with bequests,allows our model to better reproduce wealth inequality than standard life-cycle models do. Alternative pensions reforms are considered,combining:i)reduced generosity through lower replacement rates or postponing retirement;ii)alternative financing schemes:current balance vs.building a temporary smoothing fund or a permanent funded pillar. The consequences of these scenarios on macro aggregates,inequality measures and age/group specific welfare and consumption profiles are computed at the rational expectation equilibrium. We first show how the situation of young cohorts deteriorates in the no-reform case,with a passive adjustment in contribution rates.However,the intergenerational redistributive e ects of reforms are found to be large,thus supporting the view that structural pension reforms are not Pareto-improving.We especially show that postponing the retirement age increases inequalities more than reducing replacement rates does and that alternative financing adjustements involve only modest intra-generational redistributive e ects. |
| File Format | PDF HTM / HTML |
| Alternate Webpage(s) | http://www.cepremap.fr/depot/couv_orange/co0312.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
