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Sustainability of the Slovenian Pension System: An Analysis with an Overlapping-Generations General Equilibrium Model

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Author Info
Miroslav Verbič
Boris Majcen
Renger Van Nieuwkoop

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Abstract

This paper uses a dynamic overlapping-generations (OLG) general equilibrium model to analyze welfare effects in Slovenia, the macroeconomic effects of the Slovenian pension reform, and the effects of the pension fund deficit on the sustainability of Slovenian public finances. Although young and new generations will lose from the pension reform, even complete implementation of reforms might not sufficiently compensate for unfavorable demographic developments. The level of expected deficit for the pay-as-you-go state pension fund seems to be most worrying. Financing the pension system with value-added tax revenues, as an extreme case, could result in more sustainable public finances, because gross domestic product and welfare levels ought to increase; however, this might be infea-sible to implement politically, given that generations of voters would have their welfare decreased. In addition, the present pension system is opaque and tremendously complicated and primarily, should be made more comprehensible to the public.

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Article provided by M.E. Sharpe, Inc. in its journal Eastern European Economics.

Volume (Year): 44 (2006)
Issue (Month): 4 (August)
Pages: 60-81
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Handle: RePEc:mes:eaeuec:v:44:y:2006:i:4:p:60-81

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Andrew B. Abel, 2003. "The Effects of a Baby Boom on Stock Prices and Capital Accumulation in the Presence of Social Security," Econometrica, Econometric Society, vol. 71(2), pages 551-578, March. [Downloadable!] (restricted)
    Other versions:
  2. Modigliani, Franco, 1986. "Life Cycle, Individual Thrift, and the Wealth of Nations," American Economic Review, American Economic Association, vol. 76(3), pages 297-313, June. [Downloadable!] (restricted)
  3. Rutherford, Thomas F., 1995. "Extension of GAMS for complementarity problems arising in applied economic analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 19(8), pages 1299-1324, November. [Downloadable!] (restricted)
  4. Deaton, A. & Grosh, M., 1998. "Consumption," Papers 191, Princeton, Woodrow Wilson School - Development Studies.
  5. James M. Poterba, 2001. "Demographic Structure And Asset Returns," The Review of Economics and Statistics, MIT Press, vol. 83(4), pages 565-584, November. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Verbic, Miroslav, 2007. "Supplementary pension insurance in Slovenia: an analysis with an overlapping-generations general equilibrium model," MPRA Paper 10352, University Library of Munich, Germany. [Downloadable!]
  2. Verbic, Miroslav, 2007. "Varying the parameters of the Slovenian pension system: an analysis with an overlapping-generations general equilibrium model," MPRA Paper 10349, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  3. Miroslav Verbic, 2005. "A Quarterly Econometric Model of the Slovenian Economy," Econometrics 0511015, EconWPA. [Downloadable!]
  4. Verbic, Miroslav, 2008. "The ageing population and the associated challenges of the Slovenian pension system," MPRA Paper 10347, University Library of Munich, Germany. [Downloadable!]
    Other versions:
  5. Verbic, Miroslav, 2007. "Modelling the pension system in an overlapping-generations general equilibrium modelling framework," MPRA Paper 10350, University Library of Munich, Germany. [Downloadable!]
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