Parametric Pension Reform and the Intensive Margin of Labor Supply, Evidence from Colombia

Darwin Cortes; Dario Maldonado Carrizosa; Giselle Vesga Reyes

Parametric Pension Reform and the Intensive Margin of Labor Supply, Evidence from Colombia

Título traducido de la contribución: Reforma Paramétrica de Pensiones y el Margen Intensivo de la Oferta Laboral, Evidencia desde Colombia

Darwin Cortes, Dario Maldonado Carrizosa, Giselle Vesga Reyes

Producción científica: Documento de Trabajo › Documento de trabajo

Resumen

Analizamos el efecto de una reforma paramétrica del régimen de pensiones de plena capitalización en Colombia sobre el margen intensivo de la oferta laboral. Aprovechamos un umbral definido por la ley para identificar el efecto causal mediante un diseño de discontinuidad de regresión. Encontramos que un sistema de pensiones que aumenta la edad de jubilación y las semanas mínimas durante las cuales los trabajadores deben cotizar para solicitar las prestaciones de pensión causa un aumento de alrededor de 2 horas en el número de horas trabajadas semanalmente; esto corresponde al 4% del promedio de horas trabajadas semanalmente o alrededor del 14% de una desviación estándar de las horas trabajadas semanalmente. El efecto es robusto a diferentes especificaciones, órdenes polinómicos y tamaños de muestra.

Título traducido de la contribución	Reforma Paramétrica de Pensiones y el Margen Intensivo de la Oferta Laboral, Evidencia desde Colombia
Idioma original	Inglés estadounidense
Número de páginas	17
Estado	Publicada - 2015

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title = "Parametric Pension Reform and the Intensive Margin of Labor Supply, Evidence from Colombia",

abstract = "We analyze the effect of a parametric reform of the fully-funded pension regime in Colombia on the intensive margin of the labor supply. We take advantage of a threshold defined by law in order to identify the causal effect using a regression discontinuity design. We find that a pension system that increases retirement age and the minimum weeks during which workers must contribute to claim pension benefits causes an increase of around 2 hours on the number of weekly worked hours; this corresponds to 4% of the average number of weekly worked hours or around 14% of a standard deviation of weekly worked hours. The effect is robust to different specifications, polynomial orders and sample sizes.",

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N2 - We analyze the effect of a parametric reform of the fully-funded pension regime in Colombia on the intensive margin of the labor supply. We take advantage of a threshold defined by law in order to identify the causal effect using a regression discontinuity design. We find that a pension system that increases retirement age and the minimum weeks during which workers must contribute to claim pension benefits causes an increase of around 2 hours on the number of weekly worked hours; this corresponds to 4% of the average number of weekly worked hours or around 14% of a standard deviation of weekly worked hours. The effect is robust to different specifications, polynomial orders and sample sizes.

AB - We analyze the effect of a parametric reform of the fully-funded pension regime in Colombia on the intensive margin of the labor supply. We take advantage of a threshold defined by law in order to identify the causal effect using a regression discontinuity design. We find that a pension system that increases retirement age and the minimum weeks during which workers must contribute to claim pension benefits causes an increase of around 2 hours on the number of weekly worked hours; this corresponds to 4% of the average number of weekly worked hours or around 14% of a standard deviation of weekly worked hours. The effect is robust to different specifications, polynomial orders and sample sizes.

M3 - Working paper

BT - Parametric Pension Reform and the Intensive Margin of Labor Supply, Evidence from Colombia

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Parametric Pension Reform and the Intensive Margin of Labor Supply, Evidence from Colombia

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