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Policy Risk in Action: Pension Reforms and Social Security Wealth in Hungary, Czech Republic, and Slovakia

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Author Info
Libor Dušek () (CERGE-EI, Prague)
Juraj Kopecsni () (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic)

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Abstract

We provide evidence on the policy risk of social security in Hungary, Czech Republic and Slovakia by computing the changes in the social security wealth induced by the pension reforms undertaken since the 1990s. Methodologically we follow upon McHale’s (2001) study of selected reforms in G7 countries. However, as we measure the differential impact of the reform on workers of different genders, ages, and levels of education, we are able to capture the aggregate, intergenerational, and intragenerational aspects of the policy risk. Overall, the paper documents that also a pay-as-you-go system is not a secure source of retirement income since pension reforms do change the future contributions and benefits in different directions for different workers, and the magnitude of the reductions in social security wealth sometimes exceeds several years’ worth of the workers’ earnings.

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File URL: http://journal.fsv.cuni.cz/mag/article/show/id/1137
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Publisher Info
Article provided by Charles University Prague, Faculty of Social Sciences in its journal Finance a uver - Czech Journal of Economics and Finance.

Volume (Year): 58 (2008)
Issue (Month): 07-08 (Oktober)
Pages: 329-357
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Handle: RePEc:fau:fauart:v:58:y:2008:i:7-8:p:329-357

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Related research
Keywords: social security; policy risk; pension reforms;

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Find related papers by JEL classification:
H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Capital and Ownership Structure
P35 - Economic Systems - - Socialist Institutions and Their Transitions - - - Public Finance

Cited by:
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  1. Ibrahim L. Awad, 2008. "Switching to the Inflation Targeting Regime: Does it necessary for the case of Egypt?," Working Papers IES 2008/34, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Dec 2008. [Downloadable!]
  2. Roman Horváth & Kamila Koprnická, 2008. "Inflation Differentials in EU New Member States: An Empirical Evidence," Working Papers IES 2008/24, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Oct 2008. [Downloadable!]
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