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A Study of Pension System Efficiency In the Presence of Natural Resource Economy

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  • Alexey Chernulich

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    (Department of Economics, European University at St. Petersburg)

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    Abstract

    In the face of changes in the demographic and economic situation, governments around the world are reviewing the existing models of pension provision with the prospect of reducing the share of the Pay-As-You-Go system and increasing the share the Fully Funded system. However, the country's specialization in natural resources can have an impact not only on economic development, but also on the functioning of the pension system, which makes research topic highly relevant for Russia. In this paper, a model of evaluating the effectiveness of both types of systems using historical macroeconomic data is presented. Calculations for different groups of countries show that in resource dependent countries Pay-As-You-Go system is relatively more effective than Fully Funded.

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    Bibliographic Info

    Paper provided by European University at St. Petersburg, Department of Economics in its series EUSP Deparment of Economics Working Paper Series with number Ec-09/13.

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    Length: 40 pages
    Date of creation: 01 Dec 2013
    Date of revision:
    Handle: RePEc:eus:wpaper:ec0913

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    Keywords: pension systems; resource dependent countries; pension reform; the profitability of pension investments;

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