Journal Article

Pensions: Overview of the Issues

Nicholas Barr

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 22, issue 1, pages 1-14
Published in print January 2006 | ISSN: 0266-903X
Published online January 2006 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grj001
Pensions: Overview of the Issues

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  • Economic Development and Growth
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Many countries face increasing fiscal problems financing pensions in the face of population aging. There is controversy about the underlying economic theory, about the extent of the problem, and about the best mix of policies to protect old-age security. This paper establishes the areas of debate; gives thumbnail descriptions of pension arrangements in different countries; discusses the main analytical and empirical issues relevant to thinking about pension design; and assesses a range of policy directions. The main conclusions are that what matters most is effective government and economic growth; that the debate between pay-as-you-go and funding is secondary; that good pension schemes can take many forms; and that there is a problem in financing pensions, but not a crisis.

Journal Article.  0 words. 

Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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