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This policy-oriented book identifies the issues countries should consider as they reevaluate their old income security policies and formulate new methods. The choice between the various models for providing old-age security has broad implications for the operation of labor and capital markets, the fiscal system, and the level, growth, and distribution of GNP. The author concludes that a mixed strategy is more effective than any single method of income security. This will be an important book for international economists and policymakers.
This study suggests that certain regional actions, such as concerted efforts by East Asian governments to liberalize trade and investment, can bring great benefits to the region and the rest of the world. It concentrates on the evolution of trade, its contribution to growth, and the positive impact of foreign direct investment (FDI) on growth and export expansion in the region. But the report also states that the present global consensus on the benefits of liberalized trade provides an unprecedented opportunity for action. Four broad conclusions are reached on the direction of trade and investment liberalization in the region: 1) The region is too important a player in international trade to remain on the sidelines while the industrial countries make major policy decisions. 2) Existing trade imbalances between East Asia and the industrialized countries may be unsustainable. 3) The short-term balance of payments deficits arising from tariff cuts could be more than made up by long-term foreign direct investment flows. 4) A broad-based reduction in protection levels that applies to imports from all countries, whether in East Asia or not, would benefit the region and the rest of the world. Attention is also drawn to the merits of liberalization on a most-favored-nation (MFN) basis instead of through preferential arrangements.
Averting the Old Age Crisis by World Bank Staff Pdf
This time-saving software edition of Averting the Old Age Crisis: Policies to Protect the Old and Promote Growth provides in accessible electronic form the complete data sets that are in the print edition. Users may select and view the data through the World Bank's Socioeconomic Time-series Access and Retrieval System (*STARS*). This convenient system allows the user to view single items, to construct and view a table on-screen, or to export the data for use in other programs such as Lotus 1-2-3TM, Javelin PlusTM, or any program that reads ASCII characters. This package includes the complete *STARS* program and data on 31⁄2" double-density diskettes for use on personal computers with a hard disk, at least 512K RAM, and MS-DOS 2.1 or higher. The user's manual provides a guide to getting started, viewing and extracting data, and using extract files. Also available: Averting the Old Age Crisis (Full report) (ISBN 0-19-520996-6) Stock No. 60996; Averting the Old Age Crisis (Spanish edition) (ISBN 0-8213-2844-1) Stock No. 12844; Averting the Old Age Crisis Summary (English) (ISBN 0-8213-2970-7) Stock No. 12970; Averting the Old Age Crisis Summary (French) (ISBN 0-8213-3001-2) Stock No. 13001; Averting the Old Age Crisis Summary (Spanish) (ISBN 0-8213-2971-5) Stock No. 12971.
Protecting the Old and Promoting Growth by Estelle James Pdf
January 1996 A summary of recommendations in the recent World Bank report on old-age security programs, and an analysis of why the International Labour Organisation and the International Social Security Association came to different policy conclusions. In the World Bank's view, these programs should protect the old, but because such massive resources are involved, one must also consider how they affect the general economy. The current social security systems in many OECD countries were adopted before World War II, when private financial markets were underdeveloped or in disrepute. They expanded sharply in the 1950s and 1960s, when real wages and population were growing rapidly. Under those circumstances, it seemed natural to rely on a publicly managed payroll-tax-financed pay-as-you-go (PAYG) system. But in the past 40 years, real wage growth has slowed and population growth has come to a halt in OECD countries, so tax rates must go up sharply if PAYG systems are to be retained. It has become increasingly important to minimize work disincentives and to increase labor productivity through capital accumulation, which the public pillar is not well-suited to do. Shifting partial responsibility to privately managed plans that are funded and that tie benefits to contributions is likely to improve economic growth and provide better benefits than will continued reliance on a payroll-tax-financed PAYG system, concludes the World Bank. The OECD countries can shift gradually to a two-pillar system by reducing and flattening the benefits in their public pillars and using the released resources (plus some additional contributions) to build funded defined contribution accounts in a new mandatory saving pillar. If developing countries follow the path the OECD countries once followed, they will encounter dramatically escalating contribution rates, great intergenerational transfers, and related problems. Given their rapid rate of demographic aging, it is important for them to establish a multi-pillar system from the start. James argues that the World Bank position differs from those of the International Labour Organisation (ILO) and International Social Security Association (ISSA) because the Bank: * Is more concerned about how social security systems affect the general economy. * Is troubled by inequities often found in current systems (in practice, if not on paper). * Believes that behavioral responses and factors of political economy sometimes make nonviable the design changes the ILO and ISSA recommend for public systems. * Values risk diversification. (Financial markets are now both better and more global than before, so multipillar systems benefit from revenue and managerial diversification, including international diversification.) This paper -- a product of the Poverty and Human Resources Division, Policy Research Department -- is part of a larger effort in the department to study the economic impact of population aging and old age systems.
This policy-oriented book identifies the issues countries should consider as they reevaluate their old income security policies and formulate new methods. The choice between the various models for providing old-age security has broad implications for the operation of labor and capital markets, the fiscal system, and the level, growth, and distribution of GNP. The author concludes that a mixed strategy is more effective than any single method of income security. This will be an important book for international economists and policymakers.
New Systems for Old Age Security: Theory, Practice, and Empirical Evidence by Estelle James Pdf
May 1997 Initial empirical investigations suggest that countries concerned about growth should consider pension reform a potentially powerful tool for improving the welfare of both old and young. James summarizes the major findings and recommendations in Averting the Old Age Crisis, describing problems in traditional pension systems and proposals for reform. Then she describes how those reforms are being implemented in many countries and examines empirical evidence about pension reform's impact on growth. Since the publication of Averting the Old Age Crisis, the move toward multipillar systems has accelerated around the world, spurred by demographic and economic forces. In addition, research has been carried out on some of the critical assumptions underlying the recommendations in the report. Researchers have begun to quantify the effects of a full or partial shift to a funded defined-contribution plan on the supply and allocation of labor, on national saving, and on the development of financial markets. Results from the studies that have been done so far on the (anticipated and actual) effects of pension reform (in Argentina, Australia, Mexico, Switzerland, the United Kingdom, the United States, and especially Chile) suggest that pension reform can have and has had a positive, possibly large, impact on national saving and the development of financial markets and hence on economic growth. This paper - a product of the Poverty and Human Resources Division, Policy Research Department - was prepared for the EDI Conference on Pension Reform, November 1996.
The Evolution of Supplementary Pensions by Kolaczkowski, James,Maher, Michelle,Stevens, Yves,Werbrouck, Jakob M. Pdf
Presenting the evolution of supplementary pensions over the past 25 years, this comprehensive book introduces the origin of pensions as a concept and explores the role that international organisations play within the field. It draws comparisons between different welfare states, reflecting upon current research and identifying new directions and ideas.
Lessons from Pension Reform in the Americas by Stephen J. Kay,Tapen Sinha Pdf
Latin America has seen a host of pathbreaking pension reforms, including privatizations that have served as examples for governments throughout the world. Addressing pressing policy issues and highlighting a broad range of country experiences, this book provides an unparalleled account of the lessons from pension reform in North and South America
A refreshing, insightful look into the political and economicdynamics driving globalization today Globalization: it's earlier than you think. That's the provocativemessage of Against the Dead Hand, which traces the rise and fall ofthe century-long dream of central planning and top-down control andits impact on globalization-revealing the extent to which the "deadhand" of the old collectivist dream still shapes the contours oftoday's world economy. Mixing historical narrative,thought-provoking arguments, and on-the-scene reporting andinterviews, Brink Lindsey shows how the economy has grown up amidstthe wreckage of the old regime-detailing how that wreckageconstrains the present and obscures the future. He conveys aclearer picture of globalization's current state than the currentconventional wisdom, providing a framework for anticipating thefuture direction of the world economy.
At the end of the twentieth century more people are living into their seventies, eighties, nineties and beyond, a process expected to continue well into the next millennium. The twentieth century has achieved what people in other centuries only dreamed of: many can now expect to survive to old age in reasonably good health and can remain active and independent to the end, in contrast to the high death rate, ill health and destitution which affected all ages in the past. Yet this change is generally greeted not with triumph but with alarm. It is assumed that the longer people live, the longer they are ill and dependent, thus burdening a shrinking younger generation with the cost of pensions and health care. It is also widely believed that 'the past' saw few survivors into old age and these could be supported by their families without involving the taxpayer. In this first survey of old age throughout English history, these assumptions are challenged. Vivid pictures are given of the ways in which very large numbers of older people lived often vigorous and independent lives over many centuries. The book argues that old people have always been highly visible in English communities, and concludes that as people live longer due to the benefits of the rise in living standards, far from being 'burdens' they can be valuable contributors to their family and friends.
Keeping the Promise of Social Security in Latin America by Indermit S. Gill,Truman G. Packard,Juan Yermo Pdf
Empirical analysis of two decades of pioneering pension and social security reform in Latin America and the Caribbean shows that much has been achieved, but that critical challenges remain. In tackling this unfinished agenda, a great deal can be learned from the reform experience of countries in the region. 'Keeping the Promise,' produced by the chief economist's office for the Latin America and Caribbean region at the World Bank, evaluates policy reforms in 12 countries, points to successes and shortcomings, and proposes priorities and options for future reform.
Pension Reform and the Development of Pension Systems by Emily S. Andrews Pdf
"Formal pension systems are an important means of reducing poverty among the aged. In recent years, however, pension reform has become a pressing matter, as demographic aging, poor administration, early retirement, and unaffordable benefits have strained pension balances and overall public finances. Pension systems have become a source of macroeconomic instability, a constraint to economic growth, and an ineffective and/or inequitable provider of retirement income."
The Global Rise of Social Cash Transfers by Lutz Leisering Pdf
The Universal Declaration of Human Rights (1948) proclaimed the equality of all human beings in dignity and rights. The right to social security, however, has been taken more seriously only since the 2000s, through calls for 'Social Security for All' and 'Leaving no-one behind'. The book investigates a major response, social cash transfers to the poor. The idea of simply giving money to the poor had been rejected by all major development organizations, but since the early 2000s, social cash transfers have mushroomed in the global South and on agendas of international organizations. How come? What programmes have emerged in which countries? How inclusive are the programmes? What models have international organizations devised? Based on unique quantitative and qualitative data and on newly created concepts and indicators, the book takes stock of all identifiable cash transfers in all Southern countries and of the views of all major international organizations. The volume argues that cash transfers reflect broader changes: new understandings of development, of human rights, of global risks, of the social responsibility of governments, and of universalism. Social cash transfers have turned the poor from objects of charity into rights-holders and agents of their own lives and of development. A repertoire of cash transfers has evolved that has enhanced social citizenship, but is limited by weak political commitments. The book also contributes to a general theory of social policy in development contexts, through a constructivist sociological approach that complements the dominant approaches from welfare economics and political economy and includes a theory of social assistance.
