The Evolution of Retirement by J. Ignacio Conde-Ruiz* Vincenzo ...

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Table 1. The variables (basic statistics) Variable Obs Mean STD Error Min Max OLD population over 65 years old/total population 106 8.487 4.935 2 18.2 ACTOT activity rate of individuals 55-64 110 0.488 0.139 0.19 0.87 ACM activity rate of man 55-64 110 0.69 0.159 0.29 0.93 AC1TOT activity rate of individuals 40-55 110 0.747 0.106 0.48 0.93 AC1M activity rate of man 40-55 110 0.921 0.074 0.35 1 DAC= AC1TOT-ACTOT 110 0.258 0.154 0 0.62 DACM=AC1M-ACM 110 0.231 0.16 0 0.55 PENSEXP Pension Expenditures as % of GDP 84 4.917 4.125 0 14.26 NUMPENS %of pensioners/ total population 53 10.503 10.41 0.01 29.7 AVPENS per capita average pension 50 1.049 1.94 0 11 GDP per capita GDP (U.S. $) 101 10850.12 9305.93 6 42769 Table 2. Determinants of pension expenditures (All countries) Independent variables Dependent variable PENSEXP (a) PENSEXP (b) PENSEXP (c) CONSTANT 2.05 (0,91) -2.28 (0.42) -2.42 (0.42) ACTOT -6.8(1.45)*** DAC 6.51 (1.77)*** DACM 6.57 (1.55)*** OLD 0.6 (0.05)*** 0.51 (0.07)*** 0.56 (0.057)*** GDP 0.00005 (0.00002)** 0.00006 (0.00002)** 0.00004 (0.00002)** N. Obs 84 84 84 R**2 0.837 0.823 0.83 ** significant at 5%, *** significant at 1% Table 3. Determinants of pension expenditures (OECD countries) Independent variables Dependent variable PENSEXP (a) PENSEXP (b) PENSEXP (c) CONSTANT 0.39 (2.36) -7.34 (2.02) -6.9 (1.69) ACTOT -10.49 (2.51)*** DAC 11.33 (3.42)*** DACM 12.26 (2.54)*** OLD 0.76 (0.12)*** 0.7 (0.13)*** 0.69 (0.11)*** GDP 0.0001 (0.00004)** 0.0001 (0.00005)* 0.00008 (0.00004)** N. Obs 26 26 26 R**2 0.79 0.76 0.82 ** significant at 5%, ** *significant at 1%
Table 4. Number of pensioners INDEPENDENT VARIABLES DEPENDENT VARIABLE NUMPENS (a) NUMPENS (b) CONSTANT 4.53 (3.54) -8.72 (1.21) OLD 1.84 (0.14)*** 1.46 (0.17)*** ACTOT -20.65 (5.95)*** DAC 24.25 (5.13)*** N. Obs 53 53 R**2 0.84 0.87 ** *significant at 1% Table 5. Average pension INDEPENDENT VARIABLES AVPENS CONSTANT 2.31 (0.62)*** DAC -0.34 (2.52) 1 OLD -0.13 (0.086) 1 N. Obs. 50 R**2 0.1 ** *significant at 1% , 1 not significant
Page 1 and 2: The Evolution of Retirement by J. I
Page 3 and 4: The Evolution of Retirement ∗ J.
Page 5 and 6: In this paper, we aim at providing
Page 7 and 8: social security expenditure seems t
Page 9 and 10: similar result is obtained if we re
Page 11 and 12: t +1andr is the interest rate. To a
Page 13 and 14: economy, while in models that conce
Page 15 and 16: supported by a Markovian politico-e
Page 17 and 18: τ — the use of early retirement
Page 19 and 20: changes in income or wealth on the
Page 21 and 22: of equilibrium social security cont
Page 23 and 24: we emphaze the relevance of the inc
Page 25 and 26: [10] Costa, D. (1998). “The Evolu
Page 27 and 28: [33] Jimeno, J. F., 2002b, “Incen
Page 29 and 30: Finally, to make sure that the uppe
Page 31: ∂τ t+1 ∂w = − δ (1 + n t+1
Page 35: RELACION DE DOCUMENTOS DE FEDEA DOC

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