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Aging and Pensions in the Euro Area

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Author Info
Philipp C. Rother
Marco Catenaro
Gerhard Schwab

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Abstract

Population aging will impose a significant burden on European pay-as-you-go pension systems. This study presents an estimate of this burden for the four largest euro-area countries and assesses alternative reform approaches. With prudent and realistic assumptions, the present value of future pension deficits through 2050 is estimated at 64% of GDP, adding to the current average explicit debt stock of around 70% of GDP. Feasible parametric reforms represent no durable solution, as they can balance pension systems at best temporarily. A comprehensive reform, including changes to current systems and a move towards partial funding, can ensure permanent financial sustainability of the public pension system.

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Publisher Info
Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 60 (2004)
Issue (Month): 4 (December)
Pages: 593-
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200412)60:4_593:aapite_2.0.tx_2-_

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Web page: http://www.mohr.de/fa

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Postal: Mohr Siebeck GmbH & Co. KG, P.O.Box 2040, 72010 Tübingen, Germany
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Related research
Keywords: aging; pensions; pay-as-you-go systems; fiscal sustainability;

Find related papers by JEL classification:
E17 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Forecasting and Simulation
E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
J10 - Labor and Demographic Economics - - Demographic Economics - - - General

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. Miriam Steurer, 2009. "Fertility Decisions and the Sustainability of Defined Benefit Pay-as-You-Go Pension Systems," Discussion Papers 2009-06, School of Economics, The University of New South Wales. [Downloadable!]
  2. Ludger Schuknecht, 2004. "EU fiscal rules: issues and lessons from political economy," Working Paper Series 421, European Central Bank. [Downloadable!]
Statistics
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This page was last updated on 2009-12-1.

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