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Varying the Parameters of the Slovenian Pension System: an Analysis with an Overlapping-Generations General Equilibrium Model

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Author Info
Miroslav Verbic

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Abstract

This article presents an analysis of welfare effects in Slovenia, macroeconomic effects of the Slovenian pension reform and effects of the pension fund deficit on the sustainability of Slovenian public finances using a dynamic OLG general equilibrium model. Stress was laid upon varying two parameters of the current pension system: the age of retirement and the indexation rate of pensions. It was established that by tightening these parameters the elderly would lose, while the present and future generations would gain. The macroeconomic effects were in accordance with expectations; the employment level increased, while the effects of tightened parameters on real consumption were negative. Since the PAYG burden on incomes decreased, investment and thus the capital stock increased somewhat as well. Nevertheless, the long-term impact on real GDP appeared to be ambiguous. Without doubt the demographic slowdown of GDP growth has to be taken into account. Finally, tightening the parameters of the pension system substantially increased its long-term sustainability: while a lower indexation level of pensions considerably decreased the deficit of the public pension fund, increasing the retirement age was even able to delay the incidence of additional deficit.

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File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/14631370701680154&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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Publisher Info
Article provided by Taylor and Francis Journals in its journal Post-Communist Economies.

Volume (Year): 19 (2007)
Issue (Month): 4 ()
Pages: 449-470
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Handle: RePEc:taf:pocoec:v:19:y:2007:i:4:p:449-470

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References listed on IDEAS
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.:
  1. Miroslav Verbič & Boris Majcen & Renger Van Nieuwkoop, 2006. "Sustainability of the Slovenian Pension System: An Analysis with an Overlapping-Generations General Equilibrium Model," Eastern European Economics, M.E. Sharpe, Inc., vol. 44(4), pages 60-81, August. [Downloadable!] (restricted)
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  2. Modigliani, Franco, 1986. "Life Cycle, Individual Thrift, and the Wealth of Nations," American Economic Review, American Economic Association, vol. 76(3), pages 297-313, June. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Verbic, Miroslav, 2008. "The ageing population and the associated challenges of the Slovenian pension system," MPRA Paper 10347, University Library of Munich, Germany. [Downloadable!]
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  2. Verbic, Miroslav, 2007. "Modelling the pension system in an overlapping-generations general equilibrium modelling framework," MPRA Paper 10350, University Library of Munich, Germany. [Downloadable!]
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