The simulation of the future development of expenditure and revenue of the czech pension security scheme up to 2050
AbstractThe long-term sustainability of the public finance in the context of population ageing is becoming a hot topic in most of the European countries including the Czech Republic. Moreover the Czech population will be one of the oldest in the world according to the forecasts of different institutions (UN, OECD, etc.). It poses challenge for the Czech pension security scheme. This paper presents possible scenarios of the future development and illustrates future fiscal impacts of the ageing assuming a preservation of the current Czech pension security scheme in the period up to 2050. The analysis is based on a detailed one-year age structure. This allows us to simulate the influence of the changes in component parameters of the current scheme on its future situation (for example, changes in retirement age limits). The main conclusion is that there is a rather small impact of these parameters changes on the expected future imbalance of the Czech pension system. Therefore a more fundamental reform of the current pension system should be considered.
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Politická ekonomie.
Volume (Year): 2005 (2005)
Issue (Month): 2 ()
Postal: Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
Find related papers by JEL classification:
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods
- J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
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