Fonseca Raquel, Kapteyn Arie, Lee Jinkook, Zamarro Gema, Feeney Kevin
Université of Québec á Montréal and RAND.
University of Southern California and RAND.
J Popul Ageing. 2014 Mar 1;7(1):21-41. doi: 10.1007/s12062-014-9094-7.
We examine determinants of financial and subjective well-being, in particular poverty and depression, among older individuals in Europe. We do so using the 2004, 2006, and 2010 waves of the Survey of Health Ageing and Retirement in Europe and estimating dynamic panel data and binary choice transition models. We find a number of common effects across financial and subjective well-being. Unemployment, disabilities, serious health conditions, lower education, being female, and not being married increase the probability of poverty or depression. Conversely, healthy individuals, those with higher levels of education, males, and married individuals have higher probabilities of exiting poverty or depression. The effect of retirement is of special policy interest. It turns out to be crucial to control for endogeneity (i.e. the possibility of reverse causality) of retirement. If we don't control for endogeneity, retirement appears to increase both the risk of poverty and of depression. Once we control for endogeneity using instrumental variables, these negative effects disappear and point to weak evidence that retirement induced through eligibility for retirement pensions may be protective against poverty and depression.
我们研究了欧洲老年人的财务状况和主观幸福感的决定因素，特别是贫困和抑郁情况。我们使用2004年、2006年和2010年欧洲健康、老龄化和退休调查的数据，并估计动态面板数据和二元选择转换模型来进行研究。我们发现财务状况和主观幸福感存在一些共同影响因素。失业、残疾、严重健康问题、低教育水平、女性以及未婚会增加贫困或抑郁的概率。相反，健康的个体、教育水平较高的人、男性以及已婚人士摆脱贫困或抑郁的概率更高。退休的影响具有特殊的政策意义。事实证明，控制退休的内生性（即反向因果关系的可能性）至关重要。如果我们不控制内生性，退休似乎会增加贫困和抑郁的风险。一旦我们使用工具变量控制内生性，这些负面影响就会消失，并有微弱证据表明，因符合退休养老金资格而导致的退休可能对贫困和抑郁具有预防作用。
