There is ample evidence showing that expenditure declines at retirement for a number of reasons including reduction in work-related expenses, leisure substitution, changes in household composition, liquidity constraints and increased mortality risk. However, little is known about how expenditure responds to retirement in periods characterised by severe economic downturns and pension reforms causing unanticipated income shocks as it was the case of the recent Greek crisis. Using nationally representative data, there is evidence of strong expenditure drops during the crisis period that are associated with the announcement and implementation of pension cuts and reforms.
Dr Ioannis Laliotis is a Lecturer in the Department of Economics, City University of London. Prior to joining City, he was a Hellenic Observatory Research Officer. He is also part of the Gender Pay Gap in Medicine Review research team, commissioned by the Department of Health and Social Care, UK. His main research interests lie in the fields of Applied Microeconometrics, Labour Economics and Health Economics.
Dr Vassilis Monastiriotis is an Associate Professor in Political Economy at the European Institute, LSE. He is an economist and economic geographer by training. He holds a PhD in Economic Geography (2002, London School of Economics, UK) an MSc in Economics (1996, University of Macedonia, Thessaloniki, Greece) and a BSc in Economics (1994, Aristotle University, Thessaloniki, Greece). Before joining the European Institute in 2004 he was Lecturer in the Department of Economics at Royal Holloway, University of London. He has previously worked as Research Fellow at the London School of Economics and the University of Reading and as a Course Lecturer in the Department of Geography at LSE.
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