全球智库信息集成服务系统(G2TT): Retirement Policy and Annuity Market Equilibria: Evidence from Chile

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w26285
来源ID	Working Paper 26285
	Retirement Policy and Annuity Market Equilibria: Evidence from Chile
	Gastón Illanes; Manisha Padi
发表日期	2019-09-16
出版年	2019
语种	英语
摘要	Retirement policy has indirect effects on its beneficiaries, through the “crowd-out” or “crowd-in” of insurance markets. We study how retirement policy in Chile, which limits the drawdown of retirement assets but otherwise does not provide or require fixed income in retirement, results in more than 60% of eligible retirees purchasing private annuities at low prices. We estimate a demand model to show that replacing this voluntary policy with partial mandatory annuitization and removing limits on drawdowns causes the private annuity market to partially unravel. Under our model, this reform leads to a welfare increase equivalent to US$4,000 of additional pension savings on average, but welfare effects are heterogenous and many retirees would be harmed due to the higher prices of private annuities. Our results highlight the importance of considering the impact of policy reforms on the equilibria of related markets.
主题	Microeconomics ; Households and Firms ; Economics of Information ; Financial Economics ; Financial Institutions ; Public Economics ; Taxation ; Public Goods
URL	https://www.nber.org/papers/w26285
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/583958
推荐引用方式 GB/T 7714	Gastón Illanes,Manisha Padi. Retirement Policy and Annuity Market Equilibria: Evidence from Chile. 2019.

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文件名称/大小	资源类型	版本类型	开放类型	使用许可
w26285.pdf（1289KB）	智库出版物		限制开放	CC BY-NC-SA	浏览