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Pension Reforms in Central and Eastern Europe: Yet Another Transition...?

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  • G. Heinrich

Abstract

The pay-as-you-go (PAYG) pension schemes in Central and Eastern Europe are on the verge of financial collapse. In this paper, we analyse the causes of the crisis in the old-age income insurance systems and we discuss theoretical and political economy aspects of pensions and retirement behaviour. Piecemeal reforms have created additional distortions in the pension system and deepened its financial crisis. We will discuss proposals for reforms that combine short run policies for adjusting the existing PAYG system and guaranteeing its financial viability with long run policies to phase in a multi-tiered system combining elements of PAYG and fully funded schemes.

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  • G. Heinrich, 1997. "Pension Reforms in Central and Eastern Europe: Yet Another Transition...?," CERT Discussion Papers 9705, Centre for Economic Reform and Transformation, Heriot Watt University.
    • Handle: RePEc:hwe:certdp:9705
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    File URL: http://www2.hw.ac.uk/sml/downloads/cert/wpa/1997/dp9705.pdf
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    Cited by:

    1. 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.
    2. Liina Kulu & Janno Reiljan, 2004. "Old-Age Pension Reform In Estonia On The Basis Of The World Bank’S Multi-Pillar Approach," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 34, Faculty of Economics and Business Administration, University of Tartu (Estonia).

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