Implications of Economic Transition and Demographics for Financing Pensions in the Former Socialist Economies
AbstractThe public pension systems of the post-socialist economies of Hungary and Poland are financially unsustainable. In addition to being poorly managed, they face many of the same problems that plague pay-as âyou-go systems in other countries, including growing benefit expenditures and adverse demographic trends. The transition to market economies has exacerbated the problems in the supply and demand of public pensions in various ways. Stagnating production and trade, and the privatization or liquidation of state-owned enterprises is causing growing unemployment as well as increasing the pressures for early retirement. The result is increased demand for pensions concurrent with a shrinking contributing base. A set of alternative pension financing strategies are suggested in this paper. These proposals are evaluated on the basis of demographic trends and alternative assumptions about the economic growth and institutional development of Hungry and Poland.
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Bibliographic InfoArticle provided by in its journal Public Finance = Finances publiques.
Volume (Year): 48 (1993)
Issue (Month): Supplement ()
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Other versions of this item:
- Glenn Jenkins, 1992. "Implications Of Economic Transition And Demographics For Financing Pensions In The Former Socialist Economies," Development Discussion Papers 1992-07, JDI Executive Programs.
- G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
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.:
- David A. Wise, 1985. "Pensions, Labor, and Individual Choice," NBER Books, National Bureau of Economic Research, Inc, number wise85-1.
- YVES GUERARD & Glenn Jenkins, 1992. "Building Private Pension Systems," Development Discussion Papers 1992-06, JDI Executive Programs.
- Kornai, Janos, 1992.
"The Postsocialist Transition and the State: Reflections in the Light of Hungarian Fiscal Problems,"
American Economic Review,
American Economic Association, vol. 82(2), pages 1-21, May.
- Kornai, J. & Ely, R.T., 1992. "The Postsocialist Transition and the State: Reflections in the Light of Hungarian Fiscal Problems," Harvard Institute of Economic Research Working Papers 1583, Harvard - Institute of Economic Research.
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