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How costly are pension reform reversals?

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  • Nerlich, Carolin

Abstract

In this article we examine the effects of reversing the pension reforms adopted since the early 2000s. We find that reversing past pension reforms would be very costly, and would put a disproportionate burden on current and future young generations. Even without reversals, further reforms are needed to address the adverse macroeconomic and fiscal impact of population ageing. JEL Classification: F41, H55, J11

Suggested Citation

  • Nerlich, Carolin, 2020. "How costly are pension reform reversals?," Research Bulletin, European Central Bank, vol. 68.
    • Handle: RePEc:ecb:ecbrbu:2020:0068:
    Note: 508107
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-research/resbull/2020/html/ecb.rb200327~289c460fb4.en.html
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    References listed on IDEAS

    as
    1. 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.
    2. Baksa, Daniel & Munkacsi, Zsuzsa & Nerlich, Carolin, 2020. "A framework for assessing the costs of pension reform reversals," Working Paper Series 2396, European Central Bank.
    3. Daniel Baksa & Zsuzsa Munkacsi, 2016. "A Detailed Description of OGRE, the OLG Model," Bank of Lithuania Working Paper Series 31, Bank of Lithuania.
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    Cited by:

    1. Bodnár, Katalin & Nerlich, Carolin, 2022. "The macroeconomic and fiscal impact of population ageing," Occasional Paper Series 296, European Central Bank.

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    More about this item

    Keywords

    Ageing Report; OLG model; population ageing; Public pension; reform reversals;
    All these keywords.

    JEL classification:

    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts

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