creator: Williamson, John B.
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Privatizing Public Pension Systems: Lessons for the United States from Latin America
description- – The primary goal of this study is to cast light on what might happen were the United States to partially privatize its Social Security system. The analysis draws on evidence from four Latin American countries that have privatized their public pension schemes (Chile, Mexico, Bolivia, and El Salvador) and four that have partially privatized (Argentina, Uruguay, Colombia, and Peru). In Latin America privatization tends to have positive economic effects. It contributes to the development of financial institutions and to an increase in investment capital. There is less consensus, but at least some evidence suggesting that it may increase the national savings rate and economic growth. However, privatization also leads to higher administrative costs as well as an increase in both income and gender inequality. In addition, there is a risk that many low-wage workers and particularly women will end up worse off with defined contribution than with defined benefit schemes.
- – 1999-11-01
- – application/pdf
Social Security Reform: Implications for Women
description- – Despite recent economic gains for women, a substantial gender gap in financial security during old age remains, making women more dependent than men upon Social Security. This paper discusses the important role that Social Security plays in providing for women's economic security. It also analyzes the implications for women of several proposed changes in Social Security policy, including the call for the partial privatization of Social Security via the introduction of individual accounts. Many of the proposals would have the effect of asking women, particularly low-income women, to shoulder a disproportionate share of the risks and burdens associated with the changes.
- – 1999-12-01
- – application/pdf
Social Security Privatization: Lessons From The United Kingdom
description- – This study draws lessons for the debate about the proposed partial privatization of Social Security in the United States based on evidence from the United Kingdom. The British case suggests that privatization may lead to a reduction in the pension burden on the national budget if combined with substantial cuts in benefits. Such reforms may have positive effects on the economy, but any such benefits would come at the cost of increased inequality and lower pension benefits for many low-wage workers, particularly women. Because Social Security is a path dependent process, policy history differences make it less likely that Americans will easily accept the level of privatization found in Britain.
- – 2000-11-01
- – application/pdf
Why Some Workers Remain in the Labor Force Beyond the Typical Age of Retirement
description- – This study explored the ways in which race, gender, and age moderated the effects of several determinants of labor force participation among people ages 60 to 80. The role of race, gender, and age in moderating the effect of various factors on labor force participation was examined using the 1998 Health and Retirement Study (HRS) data. Binomial logistic regression models were used to evaluate the interaction between race, gender, age and other determinants of labor force participation. The effects of various factors on labor force participation differed by gender, race, and age. The negative effects of low education and poor health, respectively, were stronger for women and blacks. Also, the positive effect of low nonwage income was weaker for older workers, probably due partly to poorer health. Our findings suggest that different types of policies would help to encourage labor force participation among different groups. Because lack of access to employment may deter continued work among subgroups such as blacks and women with low education, job training or job search programs might provide incentives for employment in these groups. Additionally, employer flexibility regarding part-time work and work demands might make continued work attractive for more older workers.
- – 2001-11-01
- – application/pdf
The Effect of Unplanned Changes in Marital and Disability Status: Interrupted Trajectories and Labor Force Participation
description- – This study explored the effect of unplanned changes in disability and marital status on labor force participation for a sample of just under six thousand men and women born between 1931 and 1941. It was based on wave 1 (1992) through wave 4 (1998) of the Health and Retirement Study (HRS) data. Binomial hierarchical linear models were used to evaluate the change in the probability of working. Unplanned changes in disability and marital status had effects on labor force participation over and above the effects of the statuses themselves. These findings highlight the need for employer and government policies that minimize the stress that exists with unplanned events. Such policies might encourage higher labor force participation among workers who experience unplanned events that prompt them to exit the labor force earlier than they otherwise would have, with potentially adverse consequences for their subsequent socioeconomic status.
- – 2002-09-01
- – application/pdf
The Role of Marital History, Early Retirement Benefits, and the Economic Status of Women
description- – This article compares the relative economic status of women who take and postpone taking early Social Security benefits, with particular attention to the role of marital history. Marital history categories discussed include: lifelong marriages, marriages in which the woman had been previously divorced or widowed, divorced, widowed, and never married. The results presented here should be useful in evaluating the potential consequences of increasing the Earliest Entitlement Age (EEA). While increasing the EEA would not cause economic hardship for many, it may have adverse effects on divorced and widowed women who generally are at greater risk of poverty than married women. The economic effects of prior divorce or widowhood are reflected in the lower financial resources of women who remarry.
- – 2003-01-01
- – application/pdf
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