Why Are Savings Rate so Low and Interest Rates so High in Brazil? The Role of Unfunded Social Security and Compulsory Savings (Preliminary)
| dc.contributor.author | MARCO ANTONIO CESAR BONOMO | |
| dc.contributor.author | Brito, Ricardo | |
| dc.contributor.author | MARCELO RODRIGUES DOS SANTOS | |
| dc.coverage.cidade | Foz do Iguaçu | pt_BR |
| dc.coverage.pais | Brasil | pt_BR |
| dc.creator | Brito, Ricardo | |
| dc.date.accessioned | 2022-12-16T18:21:38Z | |
| dc.date.available | 2022-12-16T18:21:38Z | |
| dc.date.issued | 2016 | |
| dc.description.other | In this paper we examine the role of compulsory savings and unfunded social security on the macroeconomic equilibrium in an economy populated by overlapping generations individual with time-inconsistent preferences. Our model economy is informed by the Brazilian experience, where a generous social security structure with high and progressive replacement rate combined with forced savings system coexists with high historical real interest rates and low saving rates. We examine the links between those facts by simulating such model and performing counter-factual exercises. Reducing pensions replacement rates to levels comparable to US leads to substantial increase in the saving rates and reduction in interest rates. Similar results are obtained when forced savings interest rates are increased from the current below market levels | pt_BR |
| dc.format.extent | p 1-16 | pt_BR |
| dc.format.medium | Digital | pt_BR |
| dc.identifier.uri | https://repositorio.insper.edu.br/handle/11224/5013 | |
| dc.language.iso | Inglês | pt_BR |
| dc.publisher | Sociedade Brasileira de Econometria | pt_BR |
| dc.rights.license | O INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITOR | pt_BR |
| dc.title | Why Are Savings Rate so Low and Interest Rates so High in Brazil? The Role of Unfunded Social Security and Compulsory Savings (Preliminary) | pt_BR |
| dc.type | conference paper | |
| dspace.entity.type | Publication | |
| local.description.event | 38 Encontro Brasileiro de Econometria. | pt_BR |
| local.identifier.sourceUri | https://www.anpec.org.br/encontro/2017/submissao/files_I/i4-734355b1099f91197c500744366633f5.pdf | |
| local.subject.cnpq | Ciências Exatas e da Terra | pt_BR |
| local.subject.cnpq | Ciências Sociais Aplicadas | pt_BR |
| local.type | Trabalho de Evento | pt_BR |
| relation.isAuthorOfPublication | d54ec806-4e91-4f4f-8724-e3a23d67b3aa | |
| relation.isAuthorOfPublication | f5092fc6-447e-42ae-b50c-f7a691a5c9a5 | |
| relation.isAuthorOfPublication.latestForDiscovery | f5092fc6-447e-42ae-b50c-f7a691a5c9a5 |
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