Ageing, Pension Reforms and Capital Market Development in the New EU Member States and Other Transition Countries PDF Download

Author: Johan Almenberg
Publisher:
ISBN:
Category :
Languages : en
Pages : 0

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Book Description
We present new data on asset allocations of mandatory pension funds in the new EU member states and in other transition countries. Our comparative national data presents a unique opportunity to compare pension reform progress across these countries from a capital market perspective. Our main finding is that in a number of new EU member states and other transition countries, under-diversification of assets threatens to undermine the impact of multi-pillar reform on fiscal sustainability.

Author: Reisen Helmut
Publisher: OECD Publishing
ISBN: 9264181628
Category :
Languages : en
Pages : 285

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Book Description
This books explores the international aspects of pension reform, private savings and volatile capital markets and clarifies how they relate to each other.

Author: Dimitri Vittas
Publisher: World Bank Publications
ISBN:
Category : Capital market
Languages : en
Pages : 30

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Book Description
Private pension funds are neither necessary nor sufficient for capital market development. But if they are subject to conducive regulations, adopt optimizing policies, and operate in a pluralistic structure, they can have a large impact on capital market modernization and development once they reach a critical mass.

Author: David C. Lindeman
Publisher: World Bank Publications
ISBN: 9780821348079
Category : Business & Economics
Languages : en
Pages : 68

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Book Description
Since the early 1990s the transition economy countries of Eastern Europe and Central Asia have had to adapt their pension systems in minor and often very major ways. Some of the changes relate to shrinking contribution bases and the inability of government's to finance prior commitments, while still having to protect the pensioned populations from poverty. Other changes, however, reflect the need to make pension systems more sustainable in light of forthcoming demographic changes. The reforms entail a move away from a single-pillar pay-as-you-go defined benefit systems toward multi-pillar systems that include a funded defined contribution component, and change that convert remaining pay-as-you-go components into ones that are more self sustaining and transparent. The paper describes ongoing developments, assesses the effects of current and forthcoming challenges in light of potential labor market changes, and examines choices for a new pensions system with respect to the organization, administration, guarantees, transition arrangements, participation requirements, role of the government, annuitization, and other factors. The paper concludes that though a 'one-size-fits-all' approach is clearly not appropriate, some practices emerging from the experiences in this region and elsewhere may offer useful guidance to others as they undertake deeper pension reforms.

Author: K. Hujo
Publisher: Springer
ISBN: 1137396113
Category : Business & Economics
Languages : en
Pages : 211

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Book Description
This book moves beyond technical studies of pension systems by addressing the political economy of pension reform in different contexts. It provides insights into key issues related to pension policy and its developmental implications, drawing on selected country studies in Africa, Asia, Eastern Europe, the Middle East, and Latin America.

Author: Robert Holzmann
Publisher: World Bank Publications
ISBN: 0821375598
Category : Business & Economics
Languages : en
Pages : 414

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Book Description
Around the world, pension reform remains at the center of public debate. Its social, fiscal, and macroeconomic implications confront policy makers, practitioners, and academia with challenging questions. Pension systems in aging societies--in need of reform and further stressed by the pressures of globalization--require parallel reforms of the labor market and effective lifelong learning, not only to promote working longer, but to ensure that people can actually do so. At the same time, the working population should be motivated to contribute to pension schemes and prepare for old age. Diversify.

Author: Gerard Hughes
Publisher: Springer Science & Business Media
ISBN: 1461545277
Category : Social Science
Languages : en
Pages : 214

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Book Description
The ageing, financial and labour market challenges facing the old age pension systems of the member states of the European Union are well known. Those who cast doubt on the ability of the present system of pension provision - at least to the extent that it is pay-as-you-go financed - to cope with the problems posed by these challenges are getting more vociferous. Increasingly there are calls for pay-as-you-go systems to be cut back and for funded systems to be expanded. This book contests the view that funding is the answer. It shows how adaptable the largely pay-as-you-go old age pension systems in the European Union are. Actuaries, economists, lawyers, political scientists, pension advisers, and sociologists, from nine European countries and the United States, consider four main themes: population ageing, competitiveness and retirement; pension financing and economic growth; adapting pension systems to meet change; and decision-making processes. They argue that pay-as-you-go-financed old age pension systems in the European Union have the ability to successfully adapt to economic and social change provided they do not take on too many non-insurance-related risks. Solving the problems of the labour market and controlling the direction and extent of economic development are beyond the powers of old age pension systems, regardless of how they are structured or financed. Separate budgets for separate risks is an indispensable principle if the complex processes of social protection are to be successfully managed, monitored, and made transparent. There can be no single plan for the future development of old age pension systems which would be universally valid for all the countries of the European Union. A single solution cannot take into account the special circumstances obtaining in every nation, and since respect for the special features of national systems is the basis of popular acceptance, the way forward is to reform existing systems in existing contexts.

Author: OECD
Publisher: OECD Publishing
ISBN: 9264105816
Category :
Languages : en
Pages : 328

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Book Description
This conference proceedings compares public pension reform efforts in Central and Eastern Europe with those in other OECD countries, looking at the reasons for reform, policy choices and constraints, the well-being of older people, distributional consequences of reform, and implementation.

Author: Mr.M. Cangiano
Publisher: International Monetary Fund
ISBN: 1451922914
Category : Business & Economics
Languages : en
Pages : 48

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Book Description
This paper reviews developments in pension systems in 11 transition economies during the 1990s, highlighting the forces behind their rapid weakening. It focuses on the challenges these systems face—including those arising from demographic factors—and discusses why most transition countries are considering shifting, or have already shifted, from traditional defined-benefit pay-as-you-go systems to defined-contribution fully funded systems. Finally, the paper looks at the main options that arise in introducing fully funded components, including the relative mix between funding and pay-as-you-go, and the speed of the transition toward the new system.

Author: Anita M. Schwarz
Publisher: World Bank Publications
ISBN: 082139908X
Category : Business & Economics
Languages : en
Pages : 304

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Book Description
Europe’s pension systems –among the most celebrated features of its social welfare model— face tremendous challenges. With only 11 percent of the world’s population, Europe spends about 60 percent of global outlays on social protection, largely in pensions. In many countries, pension rules have encouraged people to retire sooner, while enjoying longer lives. Payroll taxes on a continuously expanding contributory base have financed these benefits. This model of pension provision is now being severely tested as pension systems reach maturity, while the population is aging and the labor force is starting to shrink. Measures to enable a continued tradition of providing old age security will include • raising retirement ages such that pensions are provided in the last 15 years of life, when work capacity traditionally diminishes • encouraging immigration to help fill the declining work force • rationalizing pension spending, putting priority on preventing old age poverty, and • encouraging savings to help provide the more comfortable retirement that individuals have come to expect. Some measures may be more appropriate in particular countries than others, yet undertaking all of them will likely require less drastic changes in any one of them. The specific choices will need to be discussed and agreed among each country’s own population, and be accompanied by enabling changes in pension policy, tax policy, financial markets policy, and labor policy. The fundamental issue is that, with these changes, the important achievements of European social policy can withstand the demographic onslaught and continue to provide old age security for generations to come.