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Demographic Dynamics And Sustainability Of Public Pension Expenditures Within European Union-15 Member States

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  • MILOS MARIUS CRISTIAN

    (University Eftimie Murgu of Resita, Faculty of Economic Sciences)

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    Abstract

    Recent demographic dynamics within the European Union member states urge public decidents to find the right measures which could further on assure the sustainability of social public expenditures. Most of the specialised literature mainly highlights the macroeconomic variables which may affect the size of public pension expenditures. Nevertheless demographic effects, like fertility rate, old-age dependency ratio, effective retirement age or life expectancy are also important factors of the sustainability of social security expenditures, this also due to the latest economic approaches. Our econometric testing confirms the high relevance of all these variables upon public pension expenditures within EU-15 member states. Consequently, there should be some special measures which governments may consider in future public policies. We suggest that retirement should come later in citizens lives, but in order to enforce this new approach there is an urgent need of appropriate jobs which could be available for older generations. In fact the solution towards an increasing proportion of older people in nowadays society should be “active ageing”: encouraging older people to stay active and retire later. Also extremly important are the outcomes of targetting healthy and autonomous lives.

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    Bibliographic Info

    Article provided by Constantin Brancusi University, Faculty of Economics in its journal Constatin Brancusi University of Targu Jiu Annals - Economy Series.

    Volume (Year): 4I (2012)
    Issue (Month): (December)
    Pages: 171-174

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    Handle: RePEc:cbu:jrnlec:y:2012:v:4i:p:171-174

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    Keywords: demography; pensions; public expenditures; sustainability; government;

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    1. Olivier J. Blanchard, 1984. "Debt, Deficits and Finite Horizons," NBER Working Papers 1389, National Bureau of Economic Research, Inc.
    2. Robert J. Barro & Gary S. Becker, . "Fertility Choice in a Model of Economic Growth," University of Chicago - Population Research Center, Chicago - Population Research Center 88-8, Chicago - Population Research Center.
    3. Gertler, Mark, 1999. "Government debt and social security in a life-cycle economy," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 50(1), pages 61-110, June.
    4. Verbič, Miroslav & Spruk, Rok, 2011. "Aging population and public pensions: theory and evidence," MPRA Paper 38914, University Library of Munich, Germany.
    5. Meier, Volker & Wrede, Matthias, 2010. "Pensions, fertility, and education," Journal of Pension Economics and Finance, Cambridge University Press, Cambridge University Press, vol. 9(01), pages 75-93, January.
    6. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
    7. Kyrre Stensnes & Nils Martin Stølen, 2007. "Pension Reform in Norway. Microsimulating effects on government expenditures, labour supply incentives and benefit distribution," Discussion Papers, Research Department of Statistics Norway 524, Research Department of Statistics Norway.
    8. Burz Razvan & Bogdan Ion Boldea, 2012. "Sustainability Of Economic Growth And Inequality In Incomes Distribution," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 249-254, July.
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