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Social Security Reform in the US: Lessons from Hungary

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  • András Simonovits

    ()
    (Institute of Economics, Hungarian Academy of Sciences)

Abstract

The partial privatization of the US Social Security system was clearly the top economic policy priority for the new Bush administration. While many famous economists, publicists and politicians support, others reject the partial privatization of the Social Security system. The international comparisons have been quite infrequent, concentrated on few countries (Chile, Great Britain and Sweden) and left out similar reforms introduced in similar situations, like in Hungary, Poland and other ex-communist countries. In this article I try to make up for this omission and outline the lessons from the Hungarian reform, started in 1998. The conclusion is simple: such a reform is possible but does not solve the problems of social security.

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Bibliographic Info

Paper provided by Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences in its series IEHAS Discussion Papers with number 0602.

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Date of creation: 24 Apr 2006
Date of revision: 24 Apr 2006
Handle: RePEc:has:discpr:0602

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Keywords: Social Security; Pensions; Prefunding of pensions; United States; Hungary;

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