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Social security reforms and early retirement

Fehr, Hans; Sterkeby, Wenche Irén; Thøgersen, Øystein
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URI
http://hdl.handle.net/11250/162978
Date
2000-09
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  • Discussion papers (SAM) [579]
Abstract
In order to stimulate labor market participation and improve the financial viability of the social

security systems, many recent reform proposals in various OECD economies suggest to scale down

the non-actuarial parts of the pension systems. These reforms have a flavour of increased

efficiency at the costs of welfare losses for low income individuals. Investigating such a belief, we

employ an overlapping generations model which features an endogenous retirement age and

heterogenous individuals within generations. Based on a simple theoretical version of the model we

demonstrate that high income individuals are likely to gain. The sign of the welfare effect for low

income households is ambiguous because we do not know whether the effect of lower pension

benefits is offset by the effect of a reduced tax-burden. Employing an extended CGE version of the

model, which is calibrated to the Norwegian economy, we consider five reform proposals. It turns out that the various reforms which scale down the public non-actuarial pension system, lead to

increases in the retirement age and steady-state welfare gains for all income classes.
Publisher
Norwegian School of Economics and Business Administration. Department of Economics
Series
Discussion paper
2000:16

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