Paying for pensions: how important is economic growth?
This paper focuses on the scope for a higher level of output and faster productivitygrowth to ease future fiscal pressures stemming from demographic developments in OECD countries over the next fifty years. After concluding that, without substantial reforms, pressure on government spending linked to...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Associazione Economia civile
2001-03-01
|
| Series: | PSL Quarterly Review |
| Subjects: | |
| Online Access: | http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9929/9811 |
| _version_ | 1818579817483730944 |
|---|---|
| author | Ignazio Visco |
| author_facet | Ignazio Visco |
| author_sort | Ignazio Visco |
| collection | DOAJ |
| description | This paper focuses on the scope for a higher level of output and faster productivitygrowth to ease future fiscal pressures stemming from demographic developments in OECD countries over the next fifty years. After concluding that, without substantial reforms, pressure on government spending linked to ageing populations (both onpensions and health expenditures), will in general result in significant increases in expenditures to GDP ratios, the paper examines how these pressures might be redressed. Responses which focus on achieving an increase in the average number of years individuals spend active in the labour force and raising the level as well as widening the sources of individual provision of retirement income are recommended. Increasing output (through lower structural unemployment and higher female and elderly workers' participation rates) and its rate of growth (through gains in productivity) are seen as offering a complementary, though limited, response. |
| first_indexed | 2024-12-16T07:07:44Z |
| format | Article |
| id | doaj.art-a014a0ee029e4eb8bea0e37012fe13c6 |
| institution | Directory Open Access Journal |
| issn | 2037-3635 2037-3643 |
| language | English |
| last_indexed | 2024-12-16T07:07:44Z |
| publishDate | 2001-03-01 |
| publisher | Associazione Economia civile |
| record_format | Article |
| series | PSL Quarterly Review |
| spelling | doaj.art-a014a0ee029e4eb8bea0e37012fe13c62022-12-21T22:39:59ZengAssociazione Economia civilePSL Quarterly Review2037-36352037-36432001-03-015421673102Paying for pensions: how important is economic growth?Ignazio ViscoThis paper focuses on the scope for a higher level of output and faster productivitygrowth to ease future fiscal pressures stemming from demographic developments in OECD countries over the next fifty years. After concluding that, without substantial reforms, pressure on government spending linked to ageing populations (both onpensions and health expenditures), will in general result in significant increases in expenditures to GDP ratios, the paper examines how these pressures might be redressed. Responses which focus on achieving an increase in the average number of years individuals spend active in the labour force and raising the level as well as widening the sources of individual provision of retirement income are recommended. Increasing output (through lower structural unemployment and higher female and elderly workers' participation rates) and its rate of growth (through gains in productivity) are seen as offering a complementary, though limited, response.http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9929/9811AgeingDemographicsEconomic GrowthExpenditureGrowthPensionPopulationProductivity |
| spellingShingle | Ignazio Visco Paying for pensions: how important is economic growth? PSL Quarterly Review Ageing Demographics Economic Growth Expenditure Growth Pension Population Productivity |
| title | Paying for pensions: how important is economic growth? |
| title_full | Paying for pensions: how important is economic growth? |
| title_fullStr | Paying for pensions: how important is economic growth? |
| title_full_unstemmed | Paying for pensions: how important is economic growth? |
| title_short | Paying for pensions: how important is economic growth? |
| title_sort | paying for pensions how important is economic growth |
| topic | Ageing Demographics Economic Growth Expenditure Growth Pension Population Productivity |
| url | http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9929/9811 |
| work_keys_str_mv | AT ignaziovisco payingforpensionshowimportantiseconomicgrowth |