Pensions and Retirement Incentives. A Tale of Three Countries: Italy, Spain and the USA

24 Pages Posted: 7 Mar 2003

See all articles by Agar Brugiavini

Agar Brugiavini

Ca Foscari University of Venice - Dipartimento di Economia

Franco Peracchi

University of Rome Tor Vergata - Department of Economics and Finance; University of Rome Tor Vergata - Centre for International Studies on Economic Growth (CEIS); EIEF

David A. Wise

National Bureau of Economic Research (NBER); Harvard University - Harvard Kennedy School (HKS)

Date Written: February 2003

Abstract

This paper looks at the relationship between the institutional design of the social security system and retirement from the labour force in three countries: Italy, Spain and the USA. Our works stresses the importance of dynamic incentives embedded in social security systems throughout the world and makes use of these three countries as an example. In fact they provide enough variability in their welfare programs that can be exploited to explain differences in retirement behavior. We show that social security rules are very important for individual's decisions to retire at a given age and that policy changes aimed at achieving age-neutrality of social security systems have a crucial role in shaping welfare.

Keywords: pensions, retirement incentives, labor supply

JEL Classification: H31, H55, J26

Suggested Citation

Brugiavini, Agar and Peracchi, Franco and Wise, David A., Pensions and Retirement Incentives. A Tale of Three Countries: Italy, Spain and the USA (February 2003). CEIS Tor Vergata Research Paper No. 6. Available at SSRN: https://ssrn.com/abstract=382986 or http://dx.doi.org/10.2139/ssrn.382986

Agar Brugiavini (Contact Author)

Ca Foscari University of Venice - Dipartimento di Economia ( email )

Cannaregio 873
Venice, 30121
Italy

Franco Peracchi

University of Rome Tor Vergata - Department of Economics and Finance ( email )

Via di Tor Vergata
Rome, Lazio 00133
Italy

University of Rome Tor Vergata - Centre for International Studies on Economic Growth (CEIS) ( email )

Via Columbia, 2
Rome, I-00133
Italy

EIEF ( email )

via Sallustiana 62
Rome, 00187
Italy

David A. Wise

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Harvard University - Harvard Kennedy School (HKS)

79 John F. Kennedy Street
Cambridge, MA 02138
United States

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