期刊名称：Birkbeck Working Papers in Economics and Finance / School of Economics, Mathematics and Statistics, Birkbeck College
印刷版ISSN：1745-8587
出版年度：2008
卷号：2008
出版社：London University
摘要：Whether pension reforms lead to an improvement in macroeconomic performance is a
controversial question. Some countries, which have implemented reforms, claim
better economic performance while in others a positive result has yet to be
seen. This paper explores two aspects of this issue further: Firstly, we provide
a comprehensive investigation of the impact of pension reforms on output,
capital stock and consumption. Secondly, we attempt to uncover the factors which
lead to cross country heterogeneity in the impact of reform. Our results suggest
that pension reform led to an improvement in macroeconomic performance. However,
there is also evidence to suggest that this improvement was more pronounced in
countries with lower public debt, lower age dependency ratio, more developed
financial markets and a higher rate of privatisations.
