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Pension Reform in the Czech Republic - A Contribution into the Debate

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  • Marek Loužek
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    Abstract

    The paper is concerned with pension reform in the Czech Republic and abroad. It argues against two opinions: on the one hand, it is not necessary to do anything, and on the other hand, that a mandatory funded system should be implemented. Both approaches are false because of creating overwhelming explicit debts. The author recommends an evolutionary approach based on decreasing PAYG in combination with voluntary savings.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Prague Economic Papers.

    Volume (Year): 2007 (2007)
    Issue (Month): 1 ()
    Pages: 55-69

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    Handle: RePEc:prg:jnlpep:v:2007:y:2007:i:1:id:297:p:55-69

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    Related research

    Keywords: transition; social security insurance; Ricardo-Barro hypothesis; pension reform; endogenous fertility;

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    References

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    1. Cigno, Alessandro, 1993. "Intergenerational transfers without altruism : Family, market and state," European Journal of Political Economy, Elsevier, vol. 9(4), pages 505-518, November.
    2. Marek Mora, 2000. "Pension policy in the czech republic (lessons from a comparative study with hungary and poland)," Prague Economic Papers, University of Economics, Prague, vol. 2000(1).
    3. Jagadeesh Gokhale & Bernd Raffelhüschen, 2000. "Population Aging and Fiscal Policy in Europe and the United States," CESifo Working Paper Series 237, CESifo Group Munich.
    4. Gary S. Becker & Robert J. Barro, 1986. "A Reformulation of the Economic Theory of Fertility," NBER Working Papers 1793, National Bureau of Economic Research, Inc.
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    7. Breyer, Friedrich, 1994. "The political economy of intergenerational redistribution," European Journal of Political Economy, Elsevier, vol. 10(1), pages 61-84, May.
    8. Marie Valentová, 2001. "Old age pension system reforms in the czech republic and slovenia," Prague Economic Papers, University of Economics, Prague, vol. 2001(4).
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    10. Browning, Edgar K, 1975. "Why the Social Insurance Budget Is Too Large in a Democracy," Economic Inquiry, Western Economic Association International, vol. 13(3), pages 373-88, September.
    11. Hans-Werner Sinn, 1999. "Pension Reform and Demographic Crisis: Why a Funded System is Needed and why it is not Needed," CESifo Working Paper Series 195, CESifo Group Munich.
    12. Sheetal K. Chand & Albert Jaeger, 1996. "Aging Populations and Public Pension Schemes," IMF Occasional Papers 147, International Monetary Fund.
    13. Michal Slavík & Radka Rutarová, 2005. "Contribution to discussion on reform of pension system," Politická ekonomie, University of Economics, Prague, vol. 2005(3), pages 349-367.
    14. Jiří Večerník, 2006. "Changing Social Status of Pensioners and the Prospects of Pension Reform in the Czech Republic," Prague Economic Papers, University of Economics, Prague, vol. 2006(3), pages 195-213.
    15. Peters, Wolfgang, 1995. "Public Pensions, Family Allowances and Endogenous Demographic Change," Journal of Population Economics, Springer, vol. 8(2), pages 161-83, May.
    16. Martin Feldstein, 1995. "Would Privatizing Social Security Raise Economic Welfare?," NBER Working Papers 5281, National Bureau of Economic Research, Inc.
    17. von Weizsacker, Robert K, 1990. "Population Aging and Social Security: A Politico-Economic Model of State Pension Financing," Public Finance = Finances publiques, , vol. 45(3), pages 491-509.
    18. Coulter, Fiona & Heady, Christopher & Lawson, Colin & Smith, Stephen, 1997. "Social security reform for economic transition: the case of the Czech Republic," Journal of Public Economics, Elsevier, vol. 66(2), pages 313-326, November.
    19. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
    20. Bental, Benjamin, 1989. "The Old Age Security Hypothesis and Optimal Population Growth," Journal of Population Economics, Springer, vol. 1(4), pages 285-301.
    21. Michal Slavík, 2006. "The Czech Pension System and the Perspectives of Its Reform," Prague Economic Papers, University of Economics, Prague, vol. 2006(3), pages 214-230.
    22. Jensen, Eric R, 1990. "An Econometric Analysis of the Old-Age Security Motive for Childbearing," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 31(4), pages 953-68, November.
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