SOCIAL SECURITY AND RETIREMENT AROUND THE WORLD

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In almost industrialized country the population is aging rapidly and individuals are living longer. These demographic trends have placed enormous pressure on the financial viability of the social security systems in these countries. The financial pressure is compounded by another trend. In virtually every country employees are leaving the labor force at younger and younger ages. One explanation for the striking decline in labor force participation is that social security provisions themselves provide enormous incentive to leave the labor force early, thus by their very structure exacerbating the financial problems that they face. This aspect of social security plan provisions is emphasized in this subproject. The general goal of the analysis is to estimate the effect of social security plan provisions on retirement in many countries and to understand the consequences of changes in plan provisions on plan liabilities. The analysis will estimate the relationship between social security plan provisions on plan liabilities. The analysis will estimate the relationship between social security plan provisions on the financial liability of the social security systems in these countries. An additional aim is to understand the political-economic sources of the legislation that led to the financial crises in social security systems in these countries. Finally, the work will quantify the foregone productive labor supply at older ages, and assess the extent to which it is engendered by social security plan provisions.