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Social Security Programs and Retirement around the World – Reforms and Retirement Incentives - Chicago Scholarship Online
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Social Security Programs and Retirement around the World: Reforms and Retirement Incentives

Axel Börsch-Supan and Courtney C. Coile

Abstract

Through the coordination of work of a team of analysts in twelve countries for twenty years, the International Social Security (ISS) project has used the differences in social security programs across countries as a natural laboratory to study the effects of retirement program provisions on the labor force participation of older persons and related questions. The first several phases documented the strong relationship across countries between social security incentives and older men’s labor force participation, confirmed this relationship in microeconomic analysis, and estimated the labor mark ... More

Keywords: retirement incentives, employment, pension reform, implicit tax, working longer

Bibliographic Information

Print publication date: 2021 Print ISBN-13: 9780226674100
Published to Chicago Scholarship Online: September 2021 DOI:10.7208/chicago/9780226674247.001.0001

Authors

Affiliations are at time of print publication.

Axel Börsch-Supan, editor
Max Planck Institute for Social Law and Social Policy

Courtney C. Coile, editor
Wellesley College

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Introduction

Axel Börsch-Supan, Courtney C. Coile, axel Börsch-Supan is director of the Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy (MPISOC), a professor of the economics of aging at the Technical University of Munich, and a research associate of the National Bureau of Economic Research. courtney C. Coile is a professor of economics at Wellesley College and a research associate of the National Bureau of Economic Research. this chapter is part of the National Bureau of Economic Research’s International Social Security (ISS) project. The ISS project is supported by the National Institute on Aging (grants P01-AG005842 and P30-AG012810) and by the US Social Security Administration through grant #5-RRC08098400-10 as part of the SSA Retirement Research Consortium, and by the Alfred P. Sloan Foundation, grant number G-2017-9697, to the National Bureau of Economic Research as part of the SSA Retirement Research Consortium. The findings and conclusions expressed are solely those of the authors and do not represent the views of SSA, any agency of the federal government, or NBER. The authors thank the other members of the ISS project for important methodological contributions and for the country-specific analyses on which this chapter is based. We thank Johannes Rausch for assistance with the data analysis in this chapter, Nicolas Goll for assistance with the glossary, and participants in the NBER’s Summer Institute Aging Workshop for helpful comments. For acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14190.ack.

1 Social Security Incentives in Belgium

Anne-Lore Fraikin, Alain Jousten, Mathieu Lefebvre, anne-Lore Fraikin is pursuing a PhD in innovation, economics, and governance for development at UNU-MERIT/Maastricht University and a PhD in economics and management at the University of Liège. alain Jousten is a professor of economics and holds the chair in public finances and economic policy at the University of Liège and is a research fellow of IZA and NETSPAR. mathieu Lefebvre is a professor of economics at the University of Strasbourg and an affi liated researcher at the Bureau d’Economie Théorique et Appliquée (BETA). fraikin acknowledges financial support through a doctoral dissertation fellowship from an FNRS/FRESH contract. The chapter was written while Jousten was on sabbatical leave with ISM (Vilnius), whose hospitality is gratefully acknowledged. Financial support was provided by FNRS and the University of Liège. This chapter uses data from the European Union Labour Force Survey (Eurostat, European Union) under contract 122/2015. Eurostat has no responsibility for the results and conclusions, which are the authors’ only. For acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14191.ack.

2 Retirement Incentives and Canada’s Social Security Programs

Kevin Milligan, Tammy Schirle, kevin Milligan is a professor of economics at the Vancouver School of Economics at the University of British Columbia and a research associate of the National Bureau of Economic Research. tammy Schirle is a professor of economics at Wilfrid Laurier University. this chapter is part of the National Bureau of Economic Research’s International Social Security project. We thank the organizers and other country teams for their suggestions. For acknowledgments, sources of research support, and disclosure of the author’s or authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14192.ack.

3 Labor Force Exit in Denmark, 1980–2016

Paul Bingley, Nabanita Datta Gupta, Malene Kallestrup-Lamb, Peder J. Pedersen, paul Bingley is a professor at VIVE—The Danish Center for Social Science Research. nabanita Datta Gupta is a professor in the Department of Economics and Business Economics at Aarhus University and a research fellow of IZA. malene Kallestrup-Lamb is an associate professor in the Department of Economics and Business Economics at Aarhus University and a research fellow at the Center for Research in Econometric Analysis of Time Series (CREATES) at Aarhus University. peder J. Pedersen is an emeritus professor of the Department of Economics and Business Economics at Aarhus University, a research professor at VIVE—The Danish Centre Center for Social Science Research, and a research fellow of IZA. for acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14193.ack.

4 Workers’ Employment Rates and Pension Reforms in France

Didier Blanchet, Antoine Bozio, Simon Rabaté, Muriel Roger, didier Blanchet belongs to the French National Statistical Institute (INSEE). antoine Bozio is the director of the Institute of Public Policy (IPP), an associate professor at the French School of Advanced Studies in the Social Sciences (EHESS), and an associate researcher at the Paris School of Economics (PSE). simon Rabaté is an economist at the Central Planning Offi ce (CPB) in The Hague and a research affiliate at the Institut des Politiques Publiques (IPP) in Paris, France. muriel Roger is a professor of economics at CES Université Paris 1 Panthéon-Sorbonne. for acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14194.ack.

5 Social Security Reforms and the Changing Retirement Behavior in Germany

Axel Börsch-Supan, Johannes Rausch, Nicolas Goll, axel Börsch-Supan is director of the Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy (MPISOC), a professor of the economics of aging at the Technical University of Munich, and a research associate of the National Bureau of Economic Research. johannes Rausch is head of the Old-Age Provision and Social Policy unit at the Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy (MPISOC). nicolas Goll is a researcher at the Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy (MPISOC). for acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14195.ack.

6 The Evolution of Incentives for Retirement in Italy, 1980–2015

Agar Brugiavini, Raluca Elena Buia, Giacomo Pasini, Guglielmo Weber, agar Brugiavini is a professor of economics at Ca’ Foscari University of Venice and an international research fellow of the Institute for Fiscal Studies. raluca Elena Buia is a research associate in the Department of Economics at Ca’ Foscari University of Venice. giacomo Pasini is a professor of econometrics at Ca’ Foscari University of Venice and a research affi liate of Netspar. guglielmo Weber is a professor of econometrics at the University of Padua and an international research fellow of the Institute for Fiscal Studies. for acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14196.ack.

7 Social Security Programs and Elderly Employment in Japan

Takashi Oshio, Akiko S. Oishi, Satoshi Shimizutani, takashi Oshio is a professor at the Institute of Economic Research at Hitotsubashi University. akiko S. Oishi is a professor at the Graduate School of Social Sciences at Chiba University. satoshi Shimizutani is an executive senior research fellow at the JICA Research Institute. for acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14197.ack.

8 Social Security Programs and Employment at Older Ages in the Netherlands

Klaas de Vos, Arie Kapteyn, Adriaan Kalwij, klaas de Vos is a researcher in the quantitative analysis department at CentERdata. arie Kapteyn is a professor of economics and director of the Center for Economic and Social Research at the University of Southern California and a research associate of the National Bureau of Economic Research. adriaan Kalwij is an associate professor at the Utrecht University School of Economics. for acknowledgments, sources of research support, and disclosure of the authors’ material financialrelationships,if any, please see https://www.nber.org/chapters/c14198.ack.

9 Trends in Employment and Social Security Incentives in the Spanish Pension System, 1980–2016

Pilar García-Gómez, Sílvia Garcia-Mandicó, Sergi Jiménez-Martín, Judit Vall-Castelló, pilar García-Gómez is an associate professor at the Erasmus School of Economics at Erasmus University Rotterdam. sílvia Garcia-Mandicó is a junior economist in the Directorate for Employment, Labour, and Social Affairs at the Organisation for Economic Co-operation and Development (OECD). sergi Jiménez-Martín is a professor of economics at Universitat Pompeu Fabra, an affi liated professor at Barcelona Graduate School of Economics, and an associate researcher at FEDEA. judit Vall-Castelló is an associate professor of economics of the University of Barcelona and a researcher at Centre de Recerca en Economia i Salut (CRES) at Universitat Pompeu Fabra. we acknowledge financial support from the Spanish ministry of economy projects ECO2014-52238-R and ECO2017-83668-R and helpful comments from the International Social Security (ISS) group meeting participants and Alfonso Sánchez. For acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14199.ack.

10 Social Security Reforms and the Changing Retirement Behavior in Sweden

Mårten Palme, Lisa Laun, mårten Palme is a professor of economics at Stockholm University. lisa Laun is a researcher at the Institute for Evaluation of Labour Market and Education Policy (IFAU). this chapter is a part of the National Bureau of Economic Research International Social Security project, headed by Axel Börsch-Supan and Courtney Coile. For acknowledgments, sources of research support, and disclosure of the author’s or authors’ material financial relationships,if any, please see https://www.nber.org/chapters/c14200.ack.

11 A Lifetime of Changes

James Banks, Carl Emmerson, james Banks is a professor of economics at the University of Manchester and senior research fellow of the Institute for Fiscal Studies (IFS). carl Emmerson is the deputy director of the Institute for Fiscal Studies (IFS). this chapter forms part of the National Bureau of Economic Research’s International Social Security (ISS) project. The authors are grateful to Richard Blundell and David Sturrock and to the other participants of the ISS project for useful comments and advice. We are grateful to the ESRC-funded Centre for the Microeconomic Analysis of Public Policy at IFS (grant number RES-544-28-001) and the “Policies for Longer Working Lives: Understanding Interactions with Health and Care Responsibilities” project (grant ES/P001688/1) that is part of the Joint Programme Initiative “More Years, Better Lives” for providing funding for this project. Data from the Family Expenditure Survey (FES) and the Labour Force Survey (LFS) were made available by the UK Data Archive. Responsibility for interpretation of the data, as well as for any errors, is the authors’ alone. For acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber.org/chapters/c14201.ack.

12 The Evolution of Retirement Incentives in the US

Courtney C. Coile, courtney C. Coile is a professor of economics at Wellesley College and a research associate of the National Bureau of Economic Research. this chapter is part of the National Bureau of Economic Research’s International Social Security (ISS) project. The author thanks other members of the ISS team for helpful suggestions that benefitted this analysis and the project as a whole. For acknowledgments, sources of research support, and disclosure of the author’s material financial relationships, if any, please see https://www.nber.org/chapters/c14202.ack.