Disparities in pension systems and financial flows among European countries

2008 ◽  
Vol 8 (1) ◽  
pp. 1-33 ◽  
Author(s):  
JEAN CHATEAU ◽  
XAVIER CHOJNICKI ◽  
RICCARDO MAGNANI
Keyword(s):  
General Equilibrium ◽  
Capital Accumulation ◽  
Pension System ◽  
European Countries ◽  
Financial Flows ◽  
The United Kingdom ◽  
Long Run ◽  
Retirement Systems ◽  
System Sustainability ◽  
The Impact

AbstractWe present a quantitative analysis of the impact of differential ageing and pension reforms on capital and labor market and, in particular, on intra-European capital flows. To this end, we develop a stylized general equilibrium model with overlapping generations of heterogeneous agents for the three largest European countries: France, Germany and the United Kingdom. The model presents a structure halfway between pure general equilibrium models with rigorous microeconomic foundations and accounting models where the macroeconomic environment remains exogenous. We show that the dynamics of capital accumulation and pension system sustainability are totally different depending on the assumption concerning economic openness. Finally, in the long run, resorting to debt financing seems to be a dead end to finance retirement systems.

Vervroegd pensioen in Europa

2006 ◽  
Vol 22 (2) ◽  
Author(s):  
Trudie Schils
Keyword(s):  
Older Workers ◽  
Early Retirement ◽  
Pension System ◽  
European Countries ◽  
Pension Systems ◽  
Economic Information ◽  
The United Kingdom ◽  
Labour Participation ◽  
Retirement Systems ◽  
The Welfare State

Early retirement in Europe Early retirement in Europe In this article a comparison is made of the different European pension systems and early retirement patterns. With this comparison a contribution is made to the current discussion about reshaping the welfare state and increasing the labour participation of older workers. The central question is: what early retirement systems can be distinguished in Europe and how do early retirement patterns differ in countries with different early retirement systems? The first part of this question is answered by using macro economic information, while the second part is analysed using longitudinal data (ECHP). The research shows that both the financial generosity and the choice possibilities with respect to early retirement differ markedly across European countries. It is especially these features of the country's pension system that contribute to higher percentages of early retirement. Compared to other European countries, the Netherlands and Belgium have a multitude of early retirement possibilities that are all quite generous. Consequently, their early retirement percentages are among the highest in Europe. The research further shows that important conclusions can be drawn from looking at the Scandinavian countries or the United Kingdom where the systems are financially less attractive and labour participation of older workers is distinctly higher.

Human capital accumulation, income distribution, and economic growth: a demand-led analytical framework

2021 ◽  
Vol 9 (3) ◽  
pp. 319-336
Author(s):  
Gilberto Tadeu Lima ◽  
Laura Carvalho ◽  
Gustavo Pereira Serra
Keyword(s):  
Human Capital ◽  
Capital Accumulation ◽  
Analytical Framework ◽  
Output Growth ◽  
Human Capital Accumulation ◽  
Capital Utilization ◽  
Tax Rate ◽  
Long Run ◽  
The Impact ◽  
Long Run Equilibrium

This paper incorporates human capital accumulation through provision of universal public education by a balanced-budget government to a demand-driven analytical framework of functional distribution and growth of income. Human capital accumulation positively impacts on workers’ productivity in production and their bargaining power in wage negotiations. In the long-run equilibrium, a rise in the tax rate (which also denotes the share of output spent in human capital formation) lowers the pre- and after-tax wage share and physical capital utilization, and thus raises (lowers) the output growth rate when the latter is profit-led (wage-led). The impact of a higher tax rate on the employment rate (which also measures human capital utilization) in the long-run equilibrium is negative (ambiguous) when output growth is wage-led (profit-led). In any case, the supply of higher-skilled workers does not automatically create its own demand.

Foreign Capital, Natural Resource Rents and Financial Development: A New Approach

2020 ◽  
pp. 097215092096136
Author(s):  
Muhammad Shahbaz ◽  
Mohammad Ali Aboutorabi ◽  
Farzaneh Ahmadian Yazdi
Keyword(s):  
Financial Development ◽  
Natural Resource ◽  
Capital Accumulation ◽  
Foreign Capital ◽  
New Approach ◽  
Resource Rents ◽  
Long Run ◽  
Natural Resource Rents ◽  
Rich Countries ◽  
The Impact

This article explores the impact of financial development on the ‘natural resources rents–foreign capital accumulation nexus’ in selected natural resource–rich countries during 1970Q1–2016Q4. In doing so, we propose a new approach by applying the autoregressive distributed lag (ARDL) rolling regression technique for our empirical purpose. The results show that financial development has a positive and significant effect on the way natural resource rents affect foreign capital in the case of Australia, Chile, Ecuador, Egypt and Peru in both the short run and the long run. We achieve the same results in the case of Colombia and Iran too, but just in the long run. Also, short-term and long-term negative effects of financial development on the rents–foreign capital nexus are witnessed just in the case of Algeria. We provide some empirical evidence for further robustness of our findings. Finally, we suggest that there is a necessity for the development of the financial system in natural resource–rich countries to reach higher levels of foreign capital, which has a crucial role in their economic growth.

scholarly journals Impact of online group studying for the MRCPsych A exam amongst international doctors logging-in from 7 countries

BJPsych Open ◽  
2021 ◽  
Vol 7 (S1) ◽  
pp. S265-S265
Author(s):  
Praveen Kumar ◽  
Sara Mohsen ◽  
Oksana Zinchenko ◽  
Philip Verde ◽  
Kathleen Breslin ◽  
...  
Keyword(s):  
Interpersonal Skills ◽  
Working Hours ◽  
Study Groups ◽  
Global Scale ◽  
Study Group ◽  
Online Study ◽  
The United Kingdom ◽  
Long Run ◽  
The Impact ◽  
Online Group

AimsRecently, global-remote group studying has been made possible via digital video conferencing platforms. In preparation for the December 2020 MRCPsych part A exam, a study group was formed comprising 30 International Medical Gaduates (IMG) logging-in from different countries via 3 hour Zoom-study sessions hosted daily from 28th September until 12th December 2020 (1800-2100 GMT time). This study demonstrates the impact of online group study in preparation for the MRCPsych A exam for s via data collected through questionnaires.MethodThe data of the study were collected through the questionnaires given to the group study members containing a total of 17 questions, 5 of which were open-ended.The participants totalled 30 International Doctors who responded to an advertisement to form an online study group on Facebook. They logged-in for the sessions from seven different countries: Malaysia, India, Bangladesh, Ireland, Nigeria, Saudi Arabia, and the United Kingdom. The participants represented different working grades incuding experiences in psychiatry ranging from 0 to 5 years.Data were analysed using percentage. The answers given to the open-ended questions were each examined using descriptive interpretation methods.ResultThematic analysis demonstrated that online group study made learning faster and easier. 96.6% support using online study sessions for future exams citing that they fostered cooperation, respect for diverse opinions and motivation for regular studying. 93.1% and partly 6.9% found the experience enjoyable and enabled the cultivation of different ideas. Indeed, 89.7% relied on it as a big part of their preparation with 26 saying it contributed to their passing of the exam success.Almost three quarter of participants in the group also forged friendships and a sense of trust. It also became a platform for expressing opinions comfortably and developing communication and interpersonal skills.Different working hours and time zones represented a challenge with most linking in at odd hours. Cultural differences were ultimately accepted including aspects of delivery of information which made a few participants appear abrupt.ConclusionWith the ease in which social media connects us on a global scale, online study groups connecting IMGs from various backgrounds and diverse cultures not only makes exam preparations stimulating and easier to pass but also fosters interpersonal skills and connections that would be an asset in the long run.

scholarly journals FINANCIAL PROVISION OF THE PENSION SYSTEM IN THE EUROPEAN COUNTRIES AND UKRAINE UNDER GLOBALIZATION

2012 ◽  
Vol 8 (1) ◽  
pp. 73-80
Author(s):  
Tetiana Ivashchenko
Keyword(s):  
Pension System ◽  
Negative Impact ◽  
Financial Economic ◽  
European Countries ◽  
Pension Insurance ◽  
Pension Systems ◽  
The Social ◽  
System Functioning ◽  
The Impact

The most contradictions arise today over the pension system reforming. Each year the states spent significant resources to finance social and economic needs of the population. The positive effect of the nominal growth of the social and economic guarantees in Ukraine leveled nowadays in terms of financial, economic and political instability. Also the processes of depopulation have a very negative impact on the financial viability of the PAYG pension system. Given this, the research aim was to study and discuss tendencies in financial provision of the pension systems in the European countries and Ukraine under globalization. As a result in the process of research the main features of functioning and providing of the pension insurance systems in European countries and Ukraine were examined; the impact of the depopulation processes on the financial provision of the pension systems was determined; problems, related to introduction of the funded system of pension insurance were analyzed; the role of the minimum pension institute in provision of the effective pension system functioning was disclosed and recommendations in relation to optimization of pension insurance and providing сo-operation under globalization were developed.

14. European Politics into the Future

2021 ◽  
pp. 256-269
Author(s):  
Catherine E. De Vries ◽  
Sara B. Hobolt ◽  
Sven-Oliver Proksch ◽  
Jonathan B. Slapin
Keyword(s):  
European Union ◽  
Eastern Europe ◽  
European Countries ◽  
European Politics ◽  
Democratic Deficit ◽  
The European Union ◽  
The United Kingdom ◽  
European Democracy ◽  
The Future ◽  
The Impact

This chapter explores recent changes in European politics and looks to the future for European democracy as it stands now. The chapter explores the ongoing political change that can be seen within European countries and also at the European Union (EU) level. It aims to highlight four important debates about the state of democracy in Europe. These are: the debates about the rise of political fragmentation and its consequences for democracy; democratic backsliding in central and eastern Europe; the impact of the United Kingdom leaving the EU on democracy; and the democratic deficit in EU politics.

scholarly journals The Long-Run Effects of Attending an Elite School: Evidence from the United Kingdom

2016 ◽  
Vol 8 (1) ◽  
pp. 150-176 ◽  
Author(s):  
Damon Clark ◽  
Emilia Del Bono
Keyword(s):  
Negative Impact ◽  
School Attendance ◽  
Labor Market Outcomes ◽  
Market Outcomes ◽  
The United Kingdom ◽  
Long Run ◽  
Elite School ◽  
Significant Negative Impact ◽  
The Impact ◽  
School Assignment

This paper estimates the impact of elite school attendance on long-run outcomes including completed education, income, and fertility. Our data consist of individuals born in the 1950s and educated in a UK district that assigned students to either elite or non-elite secondary schools. Using instrumental variables methods that exploit the school assignment formula, we find that elite school attendance had large impacts on completed education. Surprisingly, there are no significant effects on most labor market outcomes except for an increase in female income. By contrast, we document a large and significant negative impact on female fertility. (JEL I21, I24, I26, J13, J16, J24, J31)

scholarly journals Career breaks, broken pensions? Long-run effects of early and late-career unemployment spells on pension entitlements

2020 ◽  
pp. 1-27
Author(s):  
Jorge M. Bravo ◽  
Jose A. Herce
Keyword(s):  
Labour Market ◽  
Pension System ◽  
Frailty Model ◽  
Pension Scheme ◽  
Long Run ◽  
Unemployment Spells ◽  
Stochastic Mortality Model ◽  
The Impact ◽  
Scarring Effects ◽  
Pension Wealth

Abstract Unemployment periods and other career breaks have long-term scarring effects on future labour market possibilities, permanently affecting workers' retirement income and standard of living as pensioners. Previous literature has focused on the impact of job loss on working careers with little attention to its impact on pension wealth, particularly the extent to which longevity heterogeneity amplifies unemployment scars. This paper investigates the effect of single and multiple unemployment spells on the lifetime pension entitlements of earnings-related contributory pension schemes, considering the timing and duration of breaks, alternative lifecycle labour earnings profiles, scarring and restoration effects on labour market re-entry, the existence of pension credits and pension accruals for periods spent outside the labour market, longevity heterogeneity, and the accumulation and decumulation redistributive features of the pension scheme. Pension entitlements are estimated using a backward-looking simulation approach based on the actual Portuguese public pension system rules and stylized labour market profiles identified in the SHARE Job Episodes Panel data using a sequence analysis. Longevity heterogeneity is modelled using a stochastic mortality model with a frailty model. Our results show that the timing and duration of unemployment periods is critical, that scarring effects amplify pension wealth losses, that minimum pension provisions, pension credits and pension scheme redistributive features can partially mitigate the impact of unemployment periods on future entitlements, and that the presence of positive correlation between lifetime income and longevity career breaks can amplify the asymmetry in the distribution of pension entitlements across income groups.

Analyzing the Impact of Real Effective Exchange Rate and Investment on Trade Deficit in the United Kingdom

2021 ◽  
Vol 9 (2) ◽  
pp. 241-249
Author(s):  
Allah Ditta ◽  
Ruqayya Ibraheem ◽  
Muahammad Ayub
Keyword(s):  
United Kingdom ◽  
Exchange Rate ◽  
Trade Deficit ◽  
Real Effective Exchange Rate ◽  
The United Kingdom ◽  
Long Run ◽  
Effective Exchange ◽  
Short Run ◽  
Effective Exchange Rate ◽  
The Impact

The major purpose of this study is to determine the long-run and short-run determinants of the trade deficit in the United Kingdom (UK). The autoregressive distributive lagged (ARDL) approach has been employed for estimation purposes in this study. The study finds that there is negative and significant relationship exists between the real effective exchange rate (REER) and the export to import ratio in the long run. The empirical results reveal that a one percent increase in REER causes a decrease in the export to import ratio by 0.37%, while a positive relationship is observed between REER and the export to import ratio in the short run. The impact of gross fixed capital formation on the export to import ratio is statistically significant and negative in the long run as well as in the short run. The value is negative and statistically significant which validates convergence towards the equilibrium both in the case of UK exports to high-income and low-income trading partners (LITPs). The study suggests that real exchange rate and investment are major determinants for trade balance in the case of the United Kingdom and need proper attention.

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