Is There An Alternative To The Pay-As-You-Go Pension System In Serbia?
International pension reform experiences indicate that, amid demographic aging, each country needs to identify the reform policies most suited to its own economic and social environment. The economic analysis in this paper suggests that a potential prefunding of the Serbian pension system, either through a public pension reserve fund or mandatory private pension funds, would yield an economic performance inferior to the existing PAYG financing. If a wealth transfer from current to future generations is desirable from the macroeconomic or social perspective it should be implemented through repayment of outstanding public debt, not through pension system prefunding. Pension reform efforts should thus focus on parametric PAYG changes and adequate integration of voluntary retirement saving vehicles into the Serbian pension system.
Volume (Year): 58 (2013)
Issue (Month): 198 (July - September)
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- Olivia S. Mitchell & John Geanakoplos & Stephen P. Zeldes, .
"Would a Privatized Social Security System Really Pay a Higher Rate of Return?,"
Center for Financial Institutions Working Papers
98-26, Wharton School Center for Financial Institutions, University of Pennsylvania.
- John Geanakoplos & Olivia S. Mitchell & Stephen P. Zeldes, . "Would a Privatized Social Security System Really Pay a Higher Rate of Return?," Pension Research Council Working Papers 98-6, Wharton School Pension Research Council, University of Pennsylvania.
- Geanakoplos, J. & Mitchell, O.S. & Zeldes, S.P., 1998. "Would a Privatized Social Security System Really Pay a Higher Rate of Return?," Papers 98-03, Columbia - Graduate School of Business.
- John Genakoplos & Olivia S. Mitchell & Stephen P. Zeldes, 2000. "Would a Privatized Social Security System Really Pay a Higher Rate of Return," NBER Working Papers 6713, National Bureau of Economic Research, Inc.
- John Geanakoplos & Olivia S. Mitchell & Stephen P. Zeldes, 1998. "Would a Privatized Social Security System Really Pay a Higher Rate of Return?," Cowles Foundation Discussion Papers 1194, Cowles Foundation for Research in Economics, Yale University.
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