Mandatory Retirement Saving and Capital Formation

Abstract

In this paper we examine the macroeconomic implications of mandatory retirement saving programmes in a life cycle framework. Such programmes include both social security and private pensions. First, we provide an interpretation and attempt a synthesis of recent research results. Then we present a computer simulation model and the results of alternative simulation experiments. The model applies only to dynamic steady states. We find important economic effects resulting from changes in the funding of mandatory retirement programmes, in benefit levels, and in sources of tax revenues. These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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