University of Chicago Press, 1998 Cloth: 978-0-226-24101-2 | Paper: 978-0-226-24102-9 | eISBN: 978-0-226-24182-1
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ABOUT THIS BOOK
This volume represents the most important work to date on one of the pressing policy issues of the moment: the privatization of social security. Although social security is facing enormous fiscal pressure in the face of an aging population, there has been relatively little published on the fundamentals of essential reform through privatization. Privatizing Social Security fills this void by studying the methods and problems involved in shifting from the current system to one based on mandatory saving in individual accounts.
"Timely and important. . . . [Privatizing Social Security] presents a forceful case for a radical shift from the existing unfunded, pay-as-you-go single national program to a mandatory funded program with individual savings accounts. . . . An extensive analysis of how a privatized plan would work in the United States is supplemented with the experiences of five other countries that have privatized plans." —Library Journal
"[A] high-powered collection of essays by top experts in the field."—Timothy Taylor, Public Interest
TABLE OF CONTENTS
Preface Introduction by Martin Feldstein I. Country Studies 1. The Chilean Pension Reform: A Pioneering Program Sebastian Edwards Comment: Stephen P. Zeldes Discussion Summary 2. Australia's Retirement Income System Malcolm Edey and John Simon Comment: John Piggott Discussion Summary 3. The Roles of the Public and Private Sectors in the U.K. Pension System Alan Budd and Nigel Campbell Comment: Richard Disney Discussion Summary 4. Pension System Reform: The Mexican Case Carlos Sales-Sarrapy, Fernando Solís-Soberón, and Alejandro Villagómez-Amezcua Comment: Aaron Tornell Discussion Summary 5. The Shift to a Funded Social Security System: The Case of Argentina Joaquín Cottani and Gustavo Demarco Comment: Anita M. Schwartz Discussion Summary II. Privatization Issues for the United States 6. The Transition Path in Privatizing Social Security Martin Feldstein and Andrew Samwick Comment: John B. Shoven Discussion Summary 7. Simulating the Privatization of Social Security in General Equilibrium Laurence J. Kotlikoff Comment: Thomas J. Sargent Discussion Summary 8. Privatizing Social Security: First-Round Effects of a Generic, Voluntary, Privatized U.S. Social Security System Alan L. Gustman and Thomas L. Steinmeier Comment: David M. Cutler Discussion Summary 9. Individual Financial Decisions in Retirement Saving Plans and the Provision of Resources for Retirement James M. Poterba and David A. Wise Comment: Jack L. VanDerhei Discussion Summary 10. Administrative Costs in Public and Private Retirement Systems Olivia S. Mitchell Comment: Sylvester J. Schieber Discussion Summary Contributors Author Index Subject Index
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