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Pension Reforms in France : Impact on Growth and Inter-generational Redistributive Effects

Legros, Florence; Gonand, Frédéric (2009), Pension Reforms in France : Impact on Growth and Inter-generational Redistributive Effects, The Geneva Papers on Risk and Insurance. Issues and Practice, 34, 4, p. 639-659. http://dx.doi.org/10.1057/gpp.2009.29

Type
Article accepté pour publication ou publié
Date
2009
Journal name
The Geneva Papers on Risk and Insurance. Issues and Practice
Volume
34
Number
4
Publisher
Palgrave Macmillan Journals
Pages
639-659
Publication identifier
http://dx.doi.org/10.1057/gpp.2009.29
Metadata
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Author(s)
Legros, Florence
Gonand, Frédéric
Abstract (EN)
This paper assesses the impact on growth and the inter-generational redistributive effects of some possible pension reforms in France using a dynamic general equilibrium model with overlapping generations. Results suggest that a reform increasing the effective average retirement age by 1.25 years per decade and diminishing the average replacement rate by around 6 percentage points up to 2020 could stabilise social contributions for the youngest, but would gradually foster the poverty rate among pensioners. On the other hand, a reform incorporating a rise in the age of retirement by 1.25 years per decade, unchanged replacement rates and a discretionary increase of all pensions of 2.5 per cent in 2008 would limit the poverty rate among pensioners, but it would weigh down on the growth rate and the welfare of future generations.
Subjects / Keywords
Pensions; intergenerational fairness; age of retirement; Welfare
JEL
J26 - Retirement; Retirement Policies
J14 - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
I32 - Measurement and Analysis of Poverty
H55 - Social Security and Public Pensions

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