How Macroeconomic and Financial Fluctuations Affect Retirement: The Case of an Oil Producing Country

This paper analyzes the impact of macroeconomic and financial variables on retirement. Special attention is given to petroleum prices since this variable has not been taken into account in previous studies and is essential for those countries immersed in the trade of this natural resource. Not only unemployment rate but also stock market and petroleum prices are considered as explanatory variables in our model. The study considers the reactions of retirement by gender, age and level of education. We conclude that in the long term, there is an increase in the number of new pensioners when oil prices decrease.