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Pension policies after EU enlargement: Between financial market integration and sustainability of public finances

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  • Wehlau, Diana
  • Sommer, Jörg
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    Abstract

    On May 1st, 2004, the European Union (EU) carried out the most comprehensive enlargement since its establishment in 1957 with the accession of eight Central- and Eastern European Countries (CEEC) as well as Malta and Cyprus. Within this enlarged EU two major political aims were set up, namely the integration of financial markets on the one hand and the sustainability of public finances as well as of pension systems on the other hand. With the example of the recently accessed countries, this paper links these two objectives and raises the question, whether central EU authorities attempt to push for (further) pension privatisation in the new Member States of the enlarged EU in order to promote a single, globally competitive financial market. This paper gives no definite empirical evidence for this link. However, the emerging tendencies in this area call for further research. -- Am 1. Mai 2004 hat die Europäische Union (EU) mit dem Beitritt von acht Mittel- und Osteuropäischen Ländern (MOEL) sowie Malta und Zypern ihre umfassendste Erweiterung seit ihrer Gründung im Jahr 1957 vollzogen. In dieser erweiterten EU sind die Integration der Finanzmärkte einerseits sowie die Nachhaltigkeit der öffentlichen Haushalte und die der Alterssicherungssysteme andererseits zwei zentrale politische Zielsetzungen. Am Beispiel der neu beigetretenen Mitgliedstaaten verknüpft das Papier diese beiden Zielsetzungen und geht der Frage nach, ob die zentralen Organe der EU innerhalb der erweiterten Union versuchen, die neuen Mitgliedstaaten zu (weiteren) Privatisierungen ihrer Rentensysteme zu motivieren, um auf diese Weise einen einheitlichen und weltweit wettbewerbsfähigen Finanzbinnenmarkt zu fördern. Zwar kann an dieser Stelle kein eindeutiger empirischer Nachweis dieser Zusammenhänge hergestellt werden; allerdings begründen die sich abzeichnenden Tendenzen in diesen Bereichen weiteren Forschungsbedarf.

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    Bibliographic Info

    Paper provided by University of Bremen, Centre for Social Policy Research (ZeS) in its series Working papers of the ZeS with number 10/2004.

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    Date of creation: 2004
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    Handle: RePEc:zbw:zeswps:102004

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    1. Whitehouse, Edward, 1999. "The tax treatment of funded pensions," MPRA Paper 14173, University Library of Munich, Germany.
    2. Gary Burtless, 2000. "Social Security Privatization and Financial Market Risk: Lessons from U.S. Financial History," Discussion Papers of DIW Berlin 211, DIW Berlin, German Institute for Economic Research.
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    Cited by:
    1. Schmähl, Winfried, 2005. "Nationale Rentenreformen und die Europäische Union: Entwicklungslinien und Einflusskanäle," Working papers of the ZeS 03/2005, University of Bremen, Centre for Social Policy Research (ZeS).
    2. Asghar Zaidi & Aaron George Grech & Michael Fuchs, 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.

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