IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/66894.html
   My bibliography  Save this paper

Pension reforms in the 1990s and during the financial crisis: More of the same?

Author

Listed:
  • Grech, Aaron George

Abstract

Many EU countries have been carrying out substantial pension reforms since the mid-1990s. This article studies whether the reforms that were carried out in ten EU countries before and after the financial crisis of 2008 are different. This is done through an analysis of the different elements of these reforms and also by comparing entitlements of statutory pension systems after each set of reforms. The main conclusion is that the pre-crisis reforms were much stronger and had a more negative impact on women than the post-crisis reforms. It is harder to determine whether this represents a temporary break in the reform process or a permanent change in the orientation of pension reforms in these ten countries.

Suggested Citation

  • Grech, Aaron George, 2015. "Pension reforms in the 1990s and during the financial crisis: More of the same?," MPRA Paper 66894, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:66894
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/66894/1/MPRA_paper_66894.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Ian Tower & Gregorio Impavido, 2009. "How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter," IMF Working Papers 2009/151, International Monetary Fund.
    2. Grech, Aaron George, 2010. "Assessing the sustainability of pension reforms in Europe," MPRA Paper 27407, University Library of Munich, Germany.
    3. Grech, Aaron George, 2007. "Pension policy in EU25 and its impact on pension benefits," MPRA Paper 33669, University Library of Munich, Germany.
    4. OECD & Inter-American Development Bank & World Bank Group, 2014. "Pensions at a Glance : Latin America and the Caribbean," World Bank Publications - Books, The World Bank Group, number 21426, December.
    5. Giuseppe Carone, 2005. "Long-Term Labour Force Projections for the 25 EU Member States:A set of data for assessing the economic impact of ageing," Labor and Demography 0512006, University Library of Munich, Germany.
    6. Juan Yermo & Clara Severinson, 2010. "The Impact of the Financial Crisis on Defined Benefit Plans and the Need for Counter-Cyclical Funding Regulations," OECD Working Papers on Finance, Insurance and Private Pensions 3, OECD Publishing.
    7. Alfonso R. Sánchez, 2014. "The automatic adjustment of pension expenditures in Spain:an evaluation of the 2013 pension reform," Working Papers 1420, Banco de España.
    8. Edward Whitehouse, 2009. "Pensions During the Crisis: Impact on Retirement Income Systems and Policy Responses," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 34(4), pages 536-547, October.
    9. Annika Sundén, 2009. "The Swedish Pension System and the Economic Crisis," Issues in Brief ib2009-9-25, Center for Retirement Research, revised Dec 2009.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Aaron George Grech, 2015. "The Financial Crisis and Differences in State Pension Generosity across EU Countries," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(02), pages 36-41, August.
    2. repec:ces:ifodic:v:13:y:2015:i:2:p:19166297 is not listed on IDEAS
    3. Aaron George Grech, 2015. "The Financial Crisis and Differences in State Pension Generosity across EU Countries," ifo DICE Report, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 13(2), pages 36-41, 08.
    4. Zaidi, Asghar & Grech, Aaron George & Fuchs, Michael, 2006. "Pension policy in EU25 and its possible impact on elderly poverty," LSE Research Online Documents on Economics 6225, London School of Economics and Political Science, LSE Library.
    5. Grech, Aaron George, 2012. "Evaluating the possible impact of pension reforms on future living standards in Europe," MPRA Paper 39851, University Library of Munich, Germany.
    6. repec:cep:sticas:/172 is not listed on IDEAS
    7. Grech, Aaron George, 2013. "How best to measure pension adequacy," LSE Research Online Documents on Economics 51270, London School of Economics and Political Science, LSE Library.
    8. Grech, Aaron George, 2014. "Evaluating the possible impact of pension reforms on elderly poverty in Europe," MPRA Paper 57639, University Library of Munich, Germany.
    9. repec:cep:sticas:/161 is not listed on IDEAS
    10. Giuseppe Carone & Per Eckefeldt & Luigi Giamboni & Veli Laine & Stéphanie Pamies Sumner, 2016. "Pension Reforms in the EU since the Early 2000's: Achievements and Challenges Ahead," European Economy - Discussion Papers 042, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    11. Said Outlioua & Abdesselam Fazouane, 2023. "Which factors affect the sustainability of pension schemes?," Economic Affairs, Wiley Blackwell, vol. 43(1), pages 89-108, February.
    12. Olivera, Javier & Valderrama, José A., 2022. "The Impact of the COVID-19 Pandemic on the Future Pensions of the Peruvian Pension System," IDB Publications (Working Papers) 12492, Inter-American Development Bank.
    13. Berdin, Elia, 2016. "Interest rate risk, longevity risk and the solvency of life insurers," ICIR Working Paper Series 23/16, Goethe University Frankfurt, International Center for Insurance Regulation (ICIR).
    14. Thomas Horvath & Helmut Mahringer, 2014. "Einfluss von Bildungsexpansion und Pensionsreformen auf die Erwerbsbeteiligung. Prognose der Erwerbsquote und des Arbeitskräfteangebotes bis 2030," WIFO Monatsberichte (monthly reports), WIFO, vol. 87(6), pages 411-426, June.
    15. Fenge, Robert & Peglow, François, 2018. "Decomposition of demographic effects on the german pension system," The Journal of the Economics of Ageing, Elsevier, vol. 12(C), pages 61-76.
    16. Deepti Adlakha & J. Aaron Hipp & James F. Sallis & Ross C. Brownson, 2018. "Exploring Neighborhood Environments and Active Commuting in Chennai, India," IJERPH, MDPI, vol. 15(9), pages 1-15, August.
    17. Patty Duijm & Sophie Steins Bisschop, 2018. "Short-termism of long-term investors? The investment behaviour of Dutch insurance companies and pension funds," Applied Economics, Taylor & Francis Journals, vol. 50(31), pages 3376-3387, July.
    18. Iqbal Owadally, 2014. "Tail risk in pension funds: an analysis using ARCH models and bilinear processes," Review of Quantitative Finance and Accounting, Springer, vol. 43(2), pages 301-331, August.
    19. Jensen, Henning Tarp, 2009. "General equilibrium impact evaluation of road sector investment programs in Ghana," Conference papers 331858, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    20. Xiaohua Chen & Zaigui Yang, 2019. "Stochastically Assessing the Financial Sustainability of Individual Accounts in the Urban Enterprise Employees’ Pension Plan in China," Sustainability, MDPI, vol. 11(13), pages 1-20, June.
    21. Luise Mladen & Mihaela Ghenta, 2017. "Factors that Potentially Affect the Financial Sustainability of the Pension System in Romania," Journal of Economic Development, Environment and People, Alliance of Central-Eastern European Universities, vol. 6(2), pages 14-23, June.
    22. Giuseppe Carone & Cécile Denis & Kieran Mc Morrow & Gilles Mourre & Werner Röger, 2006. "Long-term labour productivity and GDP projections for the EU25 Member States : a production function framework," European Economy - Economic Papers 2008 - 2015 253, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    23. Bernhard Ebbinghaus & Kenneth Nelson & Rense Nieuwenhuis, 2019. "Poverty in Old Age," LIS Working papers 777, LIS Cross-National Data Center in Luxembourg.

    More about this item

    Keywords

    Social Security and Public Pensions; Retirement; Poverty; Retirement Policies;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:66894. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.