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Partial privatization of a pension system: lessons from Hungary

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Author Info

  • András Simonovits

    (Institute of Economics, Hungarian Academy of Sciences, Budapest, Budaörsi, Hungary)

Abstract

On 1 January 1998 a three-pillar pension system was introduced in Hungary. It will replace about a � of the existing unfunded public system by a funded private system from 2013. The transition to this 'mixed system' is obligatory for those entering the labour market after 30 June 1998 and optional for the current labour force. Meanwhile the public pillar is also being reformed. This article assesses and evaluates these important developments. Contrary to expectations, the current government has made important changes to the on-going reform programme. These changes threaten to make benefit entitlements under the mixed system less attractive than envisaged. Despite significant funding problems within the unreformed public system, the partial privatization of the public system may cause more problems than it solves. Copyright © 2000 John Wiley & Sons, Ltd.

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Bibliographic Info

Article provided by John Wiley & Sons, Ltd. in its journal Journal of International Development.

Volume (Year): 12 (2000)
Issue (Month): 4 ()
Pages: 519-529

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Handle: RePEc:wly:jintdv:v:12:y:2000:i:4:p:519-529

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Web page: http://www3.interscience.wiley.com/journal/5102/home

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References

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  1. Martin Feldstein, 1997. "The Missing Piece in Policy Analysis: Social Security Reform," NBER Working Papers 5413, National Bureau of Economic Research, Inc.
  2. Kornai, Janos, 1997. "The Reform of the Welfare State and Public Opinion," American Economic Review, American Economic Association, vol. 87(2), pages 339-43, May.
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Cited by:
  1. Soòa KILIÁNOVÁ & Igor MELICHERÈÍK & Daniel ŠEVÈOVIÈ, 2006. "A Dynamic Accumulation Model for the Second Pillar of the Slovak Pension System," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 56(11-12), pages 506-521, November.
  2. Roger Charlton & Roddy McKinnon, 2000. "Beyond mandatory privatization: pensions policy options for developing countries," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(4), pages 483-494.
  3. Andras Simonovits, 2009. "Hungarian Pension System and its Reform," IEHAS Discussion Papers 0908, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.

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