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Funded pension schemes: Economic effects and policy implications

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  • Grech, Aaron George

Abstract

This paper reviews alternative pension systems and examines the arguments in favour of funded pension schemes. The benefits of the latter derive mainly from long-term economic efficiency gains rather than from the immediate relief of pressures on the fiscal balance. Indeed, the transition towards a funded scheme could imply an increase in government expenditure in the short run. Fiscal consolidation and the attainment of equilibrium in the external balance are essential prerequisites for a move towards a funded pension system to be conducted successfully.

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File URL: http://mpra.ub.uni-muenchen.de/33615/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 33615.

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Date of creation: Sep 1999
Date of revision:
Handle: RePEc:pra:mprapa:33615

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Related research

Keywords: pension reform; funded pension systems; economics of ageing;

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References

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  1. Helmut Reisen & John Williamson, 1994. "Pension Funds, Capital Controls and Macroeconomic Stability," OECD Development Centre Working Papers 98, OECD Publishing.
  2. Reisen, Helmut, 1997. "Liberalizing foreign investments by pension funds: Positive and normative aspects," World Development, Elsevier, vol. 25(7), pages 1173-1182, July.
  3. Robert Holzmann, 1997. "Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 149-178, June.
  4. William A. Halter & Richard Hemming, 1987. "The Impact of Demographic Change on Social Security Financing," IMF Staff Papers, Palgrave Macmillan, vol. 34(3), pages 471-502, September.
  5. Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
  6. Peter S. Heller, 1998. "Rethinking Public Pension Reform Initiatives," IMF Working Papers 98/61, International Monetary Fund.
  7. Alfredo Cuevas & G. A. Mackenzie & Philip R. Gerson, 1997. "Pension Regimes and Saving," IMF Occasional Papers 153, International Monetary Fund.
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Cited by:
  1. Grech, Aaron George, 2000. "The private and public savings gaps in Malta and their impact on the current account," MPRA Paper 33208, University Library of Munich, Germany.

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