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Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries
Mr.Si GuoMr.Futoshi Narita
出版International Monetary Fund, 2018-07-06
主題Business & Economics / Labor / GeneralBusiness & Economics / Public FinanceNature / Natural Disasters
ISBN14843678989781484367896
URLhttp://books.google.com.hk/books?id=UzhpDwAAQBAJ&hl=&source=gbs_api
EBookSAMPLE
註釋Pacific island countries are exposed to significant risks from natural disasters. As a disaster relief measure, Fiji allowed pre-retirement pension withdrawls in the wake of Cyclone Winston in 2016. Motivated by this policy action, we provide a normative analysis of the use of early pension withdrawals after disasters, by setting up a life-cycle saving model with myopic households facing large natural disaster shocks. The model demonstrates the key trade-off between building up sufficient retirement savings and ensuring the access to savings against natural disaster shocks, and sheds light on welfare implications of early pension withdrawals.