Search results for "Dependency ratio"
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Pensions, Economic Growth and Welfare in Advanced Economies
2020
In this chapter, we analyse the effects of PAYG and funded pension systems on welfare. The debate on the choice between alternative systems focuses on their effects on savings, capital accumulation, labour supply, economic growth and inequality and the potential benefits of mixed systems in which a PAYG system with notional accounts is complemented by a funded pensions system. The main findings are as follows. Firstly, the redistribution of income among individuals makes the PAYG system an important part of any mixed system. Secondly, the design of the pension system should efficiently balance incentives and distortions with equality and insurance against individual idiosyncratic risks. Thi…
Demographic aspects of aging
2021
Population aging is occurring in almost all developed countries, albeit with differences in timing and intensity. This unprecedented phenomenon is evident not only in the change in the population age structure, but also in the impressive increase in the average length of life. After describing past, current, and future population trends, this contribution presents theories explaining the reasons for this long-term process that is completely reshaping the age structure of the population. It also describes the inequalities in aging (focusing in particular on the differences by gender, education, and cause of death), and introduces some measures of the individual health and economic consequenc…