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Financing the transition to multipillar

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  • Holzmann, Robert

Abstract

This report focuses primarily on the mechanics of financing the transition from an unfunded pension scheme with equates with hidden public debt to a funded scheme which makes this debt explicit, and on the financial stocks and flows involved. Only if the problem is treated in a consistent stock/flow concept can the true costs or benefits of transition, and its economic and distributive implications be fully assessed. To this end, the structure of this report is as follows: after the introductory section, section 2 elaborates on the appropriate definition of the scope of the obligations that become explicit, the way these are measured, and how they change under reform. Section 3 presents the main strategies for reducing the debt to be made explicit. Section 4 highlights the changes in the composition of total (i.e., implicit and explicit) debt and the related fiscal requirements during the transition under alternative reforms. Section 5 presents the options to finance the transition through debt or budgetary financing.

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Bibliographic Info

Paper provided by The World Bank in its series Social Protection Discussion Papers with number 20052.

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Date of creation: 31 Dec 1998
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Handle: RePEc:wbk:hdnspu:20052

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Related research

Keywords: Economic Theory&Research; Banks&Banking Reform; Environmental Economics&Policies; Pensions&Retirement Systems; Strategic Debt Management;

References

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  1. Palacios, Robert & Whitehouse, Edward, 1998. "The Role of Choice in the Transition to a Funded Pension System," MPRA Paper 14176, University Library of Munich, Germany.
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Citations

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Cited by:
  1. World Bank, 2005. "Russia : Fiscal Costs of Structural Reforms," World Bank Other Operational Studies 8540, The World Bank.
  2. Carlos Vidal-Meliá & Inmaculada Domínguez-Fabian, 2005. "The Spanish Pension System: Issues Of Introducing Notional Defined Contribution Accounts," Public Economics 0504006, EconWPA.
  3. Marek Gora & Michael Rutkowski, 2000. "The Quest for Pension Reform: Poland's Security though Diversity," William Davidson Institute Working Papers Series 286, William Davidson Institute at the University of Michigan.
  4. 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.
  5. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena.
  6. de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2006. "Financial development in Latin America : big emerging issues, limited policy answers," Policy Research Working Paper Series 3963, The World Bank.
  7. World Bank, 2003. "The Pension System in Iran : Challenges and Opportunities, Volume 1. Main Report," World Bank Other Operational Studies 14645, The World Bank.
  8. Jorge Roldos, 2007. "Pension Reform and Macroeconomic Stability in Latin America," IMF Working Papers 07/108, International Monetary Fund.
  9. Holzmann, Robert & Jousten, Alain, 2010. "Addressing the Legacy Costs in an NDC Reform: Conceptualization, Measurement, Financing," IZA Discussion Papers 5296, Institute for the Study of Labor (IZA).

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