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The Costs of Demographic and Economic Crises - Challenges to Pension Systems Reform

Author

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  • Daniel Nicolae Militaru

    (University of Craiova, Romania)

Abstract

As the economic and financial crisis accelerates worldwide, covering the expenses driven by an aging population is a challenge both now and in the future for the pension systems. Thus it is necessary to adopt sustainable reforms to cushon the expected impact of these crises on the budget. In general, the strongest pressure occurs on pay-as-you-go (PAYG) pension systems. It is also essential that the reforms on pension systems should be accompanied by anti-crisis policies concerning the financial sector, the labour market and public finances.

Suggested Citation

  • Daniel Nicolae Militaru, 2011. "The Costs of Demographic and Economic Crises - Challenges to Pension Systems Reform," Annals of the University of Petrosani, Economics, University of Petrosani, Romania, vol. 11(4), pages 175-182.
    • Handle: RePEc:pet:annals:v:11:y:2011:i:4:p:175-182
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    References listed on IDEAS

    as
    1. Xavier Chojnicki & Riccardo Magnani, 2008. "Vieillissement, retraites et ouverture financiere en Europe : des reformes encore insuffisantes," Economie Internationale, CEPII research center, issue 113, pages 65-93.
    2. Roel Beetsma & Heikki Oksanen, 2007. "Pension Systems, Ageing and the Stability and Growth Pact," European Economy - Economic Papers 2008 - 2015 289, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
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    More about this item

    Keywords

    demographic crisis; reforming the pension system; pension costs; anti-crisis policy; private pension funds;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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