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Pension Reform and the Fiscal Policy Stance

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Author Info

  • Philip R. Gerson
  • G. A. Mackenzie
  • Peter S. Heller
  • Alfredo Cuevas

Abstract

The increased budget deficit caused by the privatization of a public pension plan does not imply a relaxation of the stance of fiscal policy. The reform''s impact on the fiscal stance and national saving depends primarily on its effect on the sum of explicit and implicit public debt and on the post-reform payroll tax and private system contribution rates. However, the precise impact of reform also depends on such influences as the relationship between the rates of interest on implicit and explicit public debt. There may be circumstances in which pension privatization, if not offset by fiscal consolidation, will loosen the fiscal stance.

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Bibliographic Info

Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/214.

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Length: 16
Date of creation: 01 Dec 2001
Date of revision:
Handle: RePEc:imf:imfwpa:01/214

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Keywords: Privatization; Aging; pension; pension reform; public pension; individual accounts; pension system; payroll tax; fiscal consolidation; retirement; pensions; public system; private saving; fiscal policy; fiscal stance; public pension system; contribution rates; contribution rate; public debt; tax revenue; tax rates; pension plan; fiscal impact; private pension; pension scheme; payroll taxes; pension systems; individual retirement; retirement ages; net return; pension rights; individual account; contribution system; defined contribution system; pension funds; minimum pension; pension fund; pensioners; pension liabilities; fiscal balance; public pension scheme; retirement accounts; private pension funds; individual retirement accounts; fiscal measures; fiscal stimulus; pension obligations; early retirement; public pension systems; old age pension; pension benefits; tax financing; fiscal crisis; fiscal tightening; tax increases; debt service; pension regime; private pension plan; budgetary impact; budget constraint; fiscal illusion; future pension; taxable income; labor force; early retirement pensions; tax revenues; gross return; fiscal costs; retirement pensions; pension financing; fiscal affairs; pension regimes; public pension reform; fiscal situation; budget deficit; increase in consumption; private employers; index fund; dependency ratio; unfunded pension; private pension fund; defined contributions; contingent liability; pension contributions; fiscal program; public pension schemes; distortionary impact; fiscal deficit; retirement savings accounts; fiscal plan; unfunded pension liabilities; expenditure cuts; pension schemes; fiscal adjustment; pay-as-you-go pension system; retirement savings; future pensions; life expectancies; defined benefit; retirement benefits; fiscal accounts;

References

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  1. Peter S. Heller, 1998. "Rethinking Public Pension Reform Initiatives," IMF Working Papers 98/61, International Monetary Fund.
  2. Murphy, Kevin M & Welch, Finis, 1998. "Perspectives on the Social Security Crisis and Proposed Solutions," American Economic Review, American Economic Association, vol. 88(2), pages 142-50, May.
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Cited by:
  1. Ondøej Schneider, 2009. "Reforming Pensions in Europe: Economic Fundamentals and Political Factors," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 59(4), pages 292-308, Oktober.
  2. Juan Manuel Lima & Johannes Wiegand & Enrique Montes & Carlos Varela, 2006. "Sectoral Balance Sheet Mismatches and Macroeconomic Vulnerabilities in Colombia, 1996-2003," IMF Working Papers 06/5, International Monetary Fund.
  3. Robalino, David & Whitehouse, Edward & Mataoanu, Anca & Musalem, Alberto & Sherwood, Elisabeth & Sluchynsky, Oleksiy, 2005. "Pensions in the Middle East and North Africa: time for change," MPRA Paper 10448, University Library of Munich, Germany.

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