TY  - JOUR
AU  - Bloom,David E.
AU  - Canning,David
AU  - Mansfield,Rick
AU  - Moore,Michael
TI  - Demographic Change, Social Security Systems, and Savings
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 12621
PY  - 2006
Y2  - October 2006
UR  - http://www.nber.org/papers/w12621
L1  - http://www.nber.org/papers/w12621.pdf
N1  - Author contact info:
David E. Bloom
Harvard School of Public Health
Department of Global Health and Population
665 Huntington Ave.
Boston, MA 02115
Tel: 617/432-0866
Fax: 617/432-6733
E-Mail: dbloom@hsph.harvard.edu

David Canning
Harvard School of Public Health
Department of Global Health and Population
665 Huntington Ave.
Boston, MA 02115
Tel: 617/432-6336
Fax: 617/566-0365
E-Mail: dcanning@hsph.harvard.edu

Richard K. Mansfield
10 Lodge Way, Ithaca, NY 14850
E-Mail: richard.mansfield@cornell.edu

Michael J. Moore
Queens University, Belfast
E-Mail: m.moore@qub.ac.uk
AB  - In theory, improvements in healthy life expectancy should generate increases in the average age of retirement, with little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent retirement ages from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in countries with universal pension coverage and retirement incentives, though the effect disappears in countries with pay-as-you-go systems and high replacement rates.
ER  -