Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries PDF Download

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Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries

Self-insurance Against Natural Disasters: The Use of Pension Funds in Pacific Island Countries PDF Author: Mr.Si Guo
Publisher: International Monetary Fund
ISBN: 1484366832
Category : Business & Economics
Languages : en
Pages : 22

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Book Description
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.