Global Aging and Declining World Interest Rates: Macroeconomic Insurance Through Pension Reform in Cyprus
How will the world-wide decline in real interest rates associated with global aging affect small open economies (SOEs) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages, in turn, will be passed on to pension benefits, exacerbati...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2008
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 08/98 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | How will the world-wide decline in real interest rates associated with global aging affect small open economies (SOEs) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages, in turn, will be passed on to pension benefits, exacerbating aging-related fiscal pressures. The pass-through effect will be stronger if pensions are indexed to nominal wages rather than prices. Using an overlapping generations model, the paper illustrates the interest rates transmission mechanism and its interaction with pension indexation for the case of Cyprus. In addition, the paper evaluates the capacity of pension reforms to insure the economy against long-run movements in world interest rates. It concludes that pension reforms, particularly those that change the indexation of pensions from wages to prices, provide substantial macro-insurance and shock absorption benefits |
| Beschreibung: | 1 Online-Ressource (40 p) |
| ISBN: | 1451869592 9781451869590 |
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| index_date | 2024-07-03T20:13:24Z |
| indexdate | 2024-07-10T09:35:32Z |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Hoffmaister, Alexander W. Verfasser aut Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus Hoffmaister, Alexander W Washington, D.C International Monetary Fund 2008 1 Online-Ressource (40 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 08/98 How will the world-wide decline in real interest rates associated with global aging affect small open economies (SOEs) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages, in turn, will be passed on to pension benefits, exacerbating aging-related fiscal pressures. The pass-through effect will be stronger if pensions are indexed to nominal wages rather than prices. Using an overlapping generations model, the paper illustrates the interest rates transmission mechanism and its interaction with pension indexation for the case of Cyprus. In addition, the paper evaluates the capacity of pension reforms to insure the economy against long-run movements in world interest rates. It concludes that pension reforms, particularly those that change the indexation of pensions from wages to prices, provide substantial macro-insurance and shock absorption benefits Online-Ausg Catalán, Mario Sonstige oth Guajardo, Jaime Sonstige oth http://elibrary.imf.org/view/IMF001/09215-9781451869590/09215-9781451869590/09215-9781451869590.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Hoffmaister, Alexander W. Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus |
| title | Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus |
| title_auth | Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus |
| title_exact_search | Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus |
| title_exact_search_txtP | Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus |
| title_full | Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus Hoffmaister, Alexander W |
| title_fullStr | Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus Hoffmaister, Alexander W |
| title_full_unstemmed | Global Aging and Declining World Interest Rates Macroeconomic Insurance Through Pension Reform in Cyprus Hoffmaister, Alexander W |
| title_short | Global Aging and Declining World Interest Rates |
| title_sort | global aging and declining world interest rates macroeconomic insurance through pension reform in cyprus |
| title_sub | Macroeconomic Insurance Through Pension Reform in Cyprus |
| url | http://elibrary.imf.org/view/IMF001/09215-9781451869590/09215-9781451869590/09215-9781451869590.xml |
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