Demographic Change, Social Security Systems, and Savings

Michael Moore, D.E. Bloom, D. Canning, R. Mansfield

Research output: Contribution to journalArticlepeer-review

172 Citations (Scopus)


Abstract In theory, improvements in healthy life expectancy should generate increases in the average age of retirement, with little effect on savings rates. In many countries, however, retirement incentives in social security programs prevent retirement ages from keeping pace with changes in life expectancy, leading to an increased need for life-cycle savings. Analyzing a cross-country panel of macroeconomic data, we find that increased longevity raises aggregate savings rates in countries with universal pension coverage and retirement incentives, though the effect disappears in countries with pay-as-you-go systems and high replacement rates.
Original languageEnglish
Pages (from-to)92-114
Number of pages23
JournalJournal of Monetary Economics
Volume54 (1)
Issue number1
Publication statusPublished - Jan 2007

ASJC Scopus subject areas

  • Economics and Econometrics
  • Finance


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