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Funded and Private Pensions for Eastern European Countries in Transition?

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  • Prof. Dr. Robert Holzmann

Abstract

All reform countries in Central and Eastern Europe require a rapid and comprehensive restructuring of their public pensions schemes for macro- and microeconomic reasons. The paper argues that pension reform, economic restructuring, and the growth options for these countries are closely related, and that by pursuing a reform which is at least partially directed towards private and funded pensions, the economic course of these reform countries may importantly be changed. The shift towards funded pensions could help to develop the financial sector and thus may bring the reform countries more rapidly towards a higher growth path. Recent developments in endogenous growth modelling support these conjectures. Yet for the time being, the financial sector in the reform economies may not be sufficiently developed to allow the introduction of funded pensions on a large scale. What these minimum conditions for the financial sector are, and how they can be introduced rapidly, is very much open for discussion.

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Bibliographic Info

Paper provided by EconWPA in its series Public Economics with number 9405004.

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Length: 35 pages
Date of creation: 30 May 1994
Date of revision:
Handle: RePEc:wpa:wuwppe:9405004

Note: 35 pages, 1 figure, 2 tables
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Web page: http://128.118.178.162

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References

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  1. Barro, Robert J, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 407-43, May.
  2. Paul M Romer, 1999. "Endogenous Technological Change," Levine's Working Paper Archive 2135, David K. Levine.
  3. Olivier Jean Blanchard & Maxim Boycko & Marek Dabrowski & Rudiger Dornbusch & Richard Layard & Andrei Shleifer, 1993. "Post-Communist Reform: Pain and Progress," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262023628, December.
  4. Vittas, Dimitri, 1993. "Swiss Chilanpore : the way forward for pension reform?," Policy Research Working Paper Series 1093, The World Bank.
  5. Glenn Jenkins, 1991. "Privatization And Pension Reform In Transition Economies," Development Discussion Papers 1992-03, JDI Executive Programs.
  6. Homburg, Stefan, 2014. "The Efficiency of Unfunded Pension Schemes," Hannover Economic Papers (HEP) dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
  7. Michael G. Spencer & H. J. Blommestein, 1993. "The Role of Financial Institutions in the Transition to a Market Economy," IMF Working Papers 93/75, International Monetary Fund.
  8. Nouriel Roubini & Xavier Sala-i-Martin, 1991. "Financial Repression and Economic Growth," NBER Working Papers 3876, National Bureau of Economic Research, Inc.
  9. Breyer, Friedrich & Straub, Martin, 1991. "Welfare effects of unfunded pension systems when labor supply is endogenous," Discussion Papers, Series 1 252, University of Konstanz, Department of Economics.
  10. Carlos M. Asilis, 2002. "The savings trap and economic take-off," Oxford Economic Papers, Oxford University Press, vol. 54(1), pages 20-43, January.
  11. Robert Holzmann, 1993. "Reforming old-age pensions systems in Central and Eastern European countries in transition," Journal of Economics, Springer, vol. 7(1), pages 191-218, December.
  12. Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1994. "The Capital Inflows Problem: Concepts And Issues," Contemporary Economic Policy, Western Economic Association International, vol. 12(3), pages 54-66, 07.
  13. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
  14. Székely, Istvan, 1993. "Economic Transformation and the Reform of the Financial System in Central and Eastern Europe," CEPR Discussion Papers 816, C.E.P.R. Discussion Papers.
  15. Saint-Paul, G., 1990. "Technological Choice, Financial Markets and Economic Development," DELTA Working Papers 90-30, DELTA (Ecole normale supérieure).
  16. Marco Santamaria, 1991. "Privatizing social security: the Chilean case," Research Paper 9127, Federal Reserve Bank of New York.
  17. Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
  18. Jose De Gregorio, 1993. "Credit Markets and Stagnation in an Endogenous Growth Model," IMF Working Papers 93/72, International Monetary Fund.
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Citations

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Cited by:
  1. Palacios, Robert J., 1996. "Averting the old-age crisis : technical annex," Policy Research Working Paper Series 1572, The World Bank.
  2. Katharina Müller, 2000. "Pension privatization in Latin America," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(4), pages 507-518.
  3. Alberto Arenas de Mesa & Jere Behrman & David Bravo, 2001. "Characteristics of and determinants of the density of contributions in a Private Social Security System," Working Papers wp077, University of Michigan, Michigan Retirement Research Center.
  4. Alberto Arenas de Mesa & David Bravo & Jere R. Behrman & Olivia S. Mitchell & Petra E. Todd, 2006. "The Chilean Pension Reform Turns 25: Lessons From the Social Protection Survey," NBER Working Papers 12401, National Bureau of Economic Research, Inc.
  5. Vittas, Dimitri & Michelitsch, Roland, 1995. "Pension funds in Central Europe and Russia : their prospects and potential role in corporate governance," Policy Research Working Paper Series 1459, The World Bank.
  6. World Bank, 2002. "Reducing Vulnerability and Increasing Opportunity : Social Protection in the Middle East and North Africa," World Bank Publications, The World Bank, number 14255, October.
  7. Svend E. Hougaard Jensen & Jukka Lassila, 2002. "Reforming Social Security in a Transition Economy: The Case of Lithuania," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 5(1), pages 17-36.
  8. 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.

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