Abstract
In this paper, we consider the effects of population aging on a pay-as-you-go financed defined contributions pension scheme. We show that when retirement decisions are endogenous, aging increases the retirement age and the steady-state level of capital. The effect on pension payouts is in general ambiguous, except for the solution of full retirement, when this effect is unambiguously negative.
Publisher
Cambridge University Press (CUP)
Subject
Economics and Econometrics
Cited by
22 articles.
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