'No country for old men'? The multiplier effects of pensions in Portuguese municipalities. (19th April 2020)

• Record Type: Journal Article
• Authors: Mourao, Paulo Reis; Vilela, Cilina
• Is Part Of: Journal of pension economics & finance. Volume 19:Number 2(2020:Apr.)
• Page Start: 247
• Page End: 261
• Publication Date: 2020-04-19
• Subjects: Keynesian multiplier, -- pensions, -- Portuguese municipalities, -- spatial analysis; H55, -- H75, -- C21; Pensions -- Finance -- Periodicals; Social security -- Finance -- Periodicals; 331.25205
• DOI: 10.1017/S1474747218000318
• Languages: English
• ISSNs: 1474-7472

Abstract

Abstract: One of the major findings of this paper, which studied the multiplier effects of pensions received at each Portuguese municipality since 2003, is that pensions stimulate the incomes of municipalities. We studied these effects also considering the spillovers from/to the surrounding areas. After discussing several models of spatial analysis, we chose the Dynamic Spatial Durbin Model. Our results were obtained after considering a proper set of control variables.