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The Perspective of Pension System Reforms in the New Member States

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  • Mejra Festić
  • Jože Mencinger

Abstract

Because of growing awareness of financial needs for public pensions, attention has been focused on privatisation of the pension systems. While the privatisation of pension funds can encourage development of capital markets in New Member States, equity investment in transition economies is even more volatile than in the "old" capitalist countries. Privatised pension system coincides with investment risks, higher administrative costs, and inability of private markets to provide retirees with affordable, indexed and certain annuities. Namely, private sector may not provide enough investment projects to efficiently absorb mandated pension savings and the expected pension income is subject to a number of risks: poor and volatile investment returns, longevity, and inflation eroding the purchasing power of pensions. Indeed, the PAYG system appears to be the only viable system to perform well in terms of risk and volatility of returns.

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Bibliographic Info

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

Volume (Year): 2009 (2009)
Issue (Month): 4 ()
Pages: 291-308

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Handle: RePEc:prg:jnlpep:v:2009:y:2009:i:4:id:355:p:291-308

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Related research

Keywords: pension funds; pay-as-you-go; financial burden; cyclicality; ageing of population;

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References

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  1. Olivia S. Mitchell, 1998. "Administrative Costs in Public and Private Retirement Systems," NBER Chapters, in: Privatizing Social Security, pages 403-456 National Bureau of Economic Research, Inc.
  2. Phil Agulnik & Julian Le Grand, 1998. "Tax relief and partnership pensions," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 403-428, November.
  3. Modigliani, Franco & Muralidhar, Arun, 2003. "Rethinking pension reform," Journal of Financial Transformation, Capco Institute, vol. 8, pages 8-9.
  4. Raghuram G. Rajan, 2005. "Has Financial Development Made the World Riskier?," NBER Working Papers 11728, National Bureau of Economic Research, Inc.
  5. Olivia S. Mitchell, . "New Trends in Pension Benefit and Retirement Provisions," Pension Research Council Working Papers 2000-1, Wharton School Pension Research Council, University of Pennsylvania.
  6. Joseph Stiglitz, 2005. "Securing Social Security for the Future," The Economists' Voice, De Gruyter, vol. 2(1), pages 5.
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