Aguila Emma
RAND, 1776 Main Street, Santa Monica, CA 90407.
Am Econ J Econ Policy. 2011 Nov;3(4):1-24. doi: 10.1257/pol.3.4.1.
Aging populations are leading countries worldwide to social security reforms. Many countries are moving from pay-as-you-go to personal retirement account (PRA) systems because of their financial sustainability and positive impact on private savings. PRA systems boost private savings at a macro level by converting a government liability into financial wealth managed by private fund managers. However, at a micro level, changes in retirement wealth affect individuals' saving and consumption patterns through their working lives. Retirement wealth increased for lower-income workers after Mexico introduced PRAs, crowding out saving, increasing consumption, and offsetting some of the PRA effect on private savings. (JEL D14, E21, H55, J26, O16).
人口老龄化正促使世界各国进行社会保障改革。由于其财务可持续性以及对私人储蓄的积极影响，许多国家正从现收现付制转向个人退休账户（PRA）体系。PRA体系通过将政府债务转化为由私人基金经理管理的金融财富，在宏观层面上促进私人储蓄。然而，在微观层面，退休财富的变化会在个人整个工作生涯中影响其储蓄和消费模式。墨西哥引入PRA后，低收入工人的退休财富增加，挤出了储蓄，增加了消费，并抵消了PRA对私人储蓄的部分影响。（《经济学文献杂志》分类编号：D14、E21、H55、J26、O16）
