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Item type:Publication, Ageing unequally in Europe(Oxford University Press, 2020-09-11)Abstract To shed light on the quality of the ageing experience in Europe and its heterogeneity, this study adapts and computes the Active Ageing Index—an index constructed at the country level to monitor ageing quality in Europe—at the individual level. This strategy allows the measuring of inequality in the experience of active ageing and is flexible enough to consider different value judgements in the overall assessment of the quality of life while ageing. The study examines the predictors of this inequality by using regressions with a Gini-recentred influence function. It finds that education plays a very significant role in reducing inequality, though its influence varies across countries. Furthermore, the study uncovers large variance in the quality of the ageing experience across Europe. For instance, more than 50% of the populations of Romania, Lithuania and Bulgaria show a level of active ageing quality lower than that of the bottom decile of the distribution in Sweden. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Choice of pension management fees and effects on pension wealth(Elsevier, 2020-08-01)To shed light on the effects of individual choice on pension wealth, we study a policy change to the management fees of pension funds implemented by Peru's government in 2013. The reform established a new balance fee as a default option; this fee is calculated as a percentage of the pension balance. Each individual had the initial option of keeping the previous management fee, a load factor fee calculated as a percentage of the individual's salary. We use administrative data to simulate pension balances based on the individual's choice of fee and the corresponding counterfactual. Our results indicate that the reform has been potentially adverse to 63.1% of individuals, of whom 41.4% were assigned to the default option and 21.7% voluntarily chose the load fee. These results reflect both the potentially negative unintended effects of the policy and an alarming lack of financial literacy among citizens. We also detect heterogeneity in the intensity of the losses and gains due to the reform, which caused greater losses than gains. In particular, younger and poorer individuals, as well as those automatically assigned to the balance fee, experienced higher losses. Moreover, the new fee scheme is also associated with increasing inequality between individuals’ pension wealth. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, A Distributive Analysis Using Peru's National Transfer Accounts(Elsevier B.V., 2023-10-01)National Transfer Accounts (NTAs) provide insights into the effects of ageing on various forms of intergenerational transfers. When these accounts are disaggregated by socioeconomic status (SES) and calculated for at least two different time periods, they offer a powerful tool for understanding changes in economic inequality across age groups and over time. This paper illustrates the application of some standard distributional analysis tools using NTAs, specifically focusing on the case of Peru for 2007 and 2019. The main findings suggest that younger individuals have been the relative “winners” from Peru's sustained economic growth over the past two decades. Additionally, the equalizing power of tertiary education has increased during this period, i.e., a greater prevalence of tertiary education reduces inequality. However, a concerning observation is the deterioration of living conditions among older and less educated individuals.