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Transformation of the Pension Systems in OECD Countries after the 2008 Crisis – New goals of the reforms

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  • Halmosi, Péter

Abstract

Pension systems are among the most important welfare systems of society and they are subject to smaller or more substantial changes on a near-continuous basis. Studying the pension systems of developed countries is considered to be a priority issue in light of the 2008 economic crisis: although individual reforms are introduced regularly, we see similar and joint reform measures as well. One of the key statements of this paper is that the reforms are not over and further measures are required, but they should be preceded by information and models on the incomes and financial situation of people of active age, as well as those already in retirement. Comparison with other countries is greatly hindered by factors and characteristics stemming from the different levels of economic development; however, the pension issue is a common problem in developed countries, and joint efforts are needed to find the right direction. A key finding of this study is that the pension system can only be reformed through a coordinated approach with the relevant policies. By now, this opinion has been underpinned by several professional positions and data.

Suggested Citation

  • Halmosi, Péter, 2014. "Transformation of the Pension Systems in OECD Countries after the 2008 Crisis – New goals of the reforms," Public Finance Quarterly, Corvinus University of Budapest, vol. 59(4), pages 457-469.
    • Handle: RePEc:pfq:journl:v:59:y:2014:i:4:p:457-469
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    File URL: https://unipub.lib.uni-corvinus.hu/8860/
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    Cited by:

    1. Maria Teresa Medeiros Garcia & André Fernando Rodrigues Rocha da Silva, 2019. "Assessing Pension Expenditure Determinants – the Case of Portugal," Working Papers REM 2019/68, ISEG - Lisbon School of Economics and Management, REM, Universidade de Lisboa.
    2. Maria Teresa Medeiros Garcia & André Fernando Rodrigues Rocha da Silva, 2023. "Pension expenditure determinants: the case of Portugal," Public Sector Economics, Institute of Public Finance, vol. 47(2), pages 177-203.

    More about this item

    Keywords

    pension reform; sustainability; implicit liabilities; debt;
    All these keywords.

    JEL classification:

    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • 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
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare

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