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- Title
On the Demographics and the Severity of the Social Security Crisis.
- Authors
Gahramanov, Emin
- Abstract
Changing demographics across the world threatens the sustainability of pension benefits. Yet there is widespread sentiment among some business and policy analysts that in the presence of population ageing, more elderly people would mean more old-age consumption and robust business opportunities across all spending dimensions. In this paper we look at a micro-level analysis of intertemporal consumption/saving behavior, and find that in the presence of notable heterogeneity with respect to the consumer impatience and rationality degree, different demographic challenges and likely policy responses would imply greatly varying and significant consumption changes at old age. We also touch upon the associated issues of welfare analysis and transitional effects and discuss various complexities and challenges for policy implications and economic projections.
- Subjects
PENSIONS -- Social aspects; SOCIAL security; LIFE expectancy; CONSUMER culture; BABY boom generation
- Publication
B.E. Journal of Economic Analysis & Policy, 2016, Vol 16, Issue 2, p1001
- ISSN
2194-6108
- Publication type
Article
- DOI
10.1515/bejeap-2015-0098