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Redesigning pension systems

Author

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  • Marek Góra

    (Warsaw School of Economics, Poland, and IZA, Germany)

Abstract

For decades, pension systems were based on the rising revenue generated by an expanding population (the so-called demographic dividend). As changes in fertility and longevity created new population structures, however, the dividend disappeared, but pension systems failed to adapt. They are kept solvent by increasing redistributions from the shrinking working-age population to retirees. A simple and transparent structure and individualization of pension system participation are the key preconditions for an intergenerationally just old-age security system.

Suggested Citation

  • Marek Góra, 2019. "Redesigning pension systems," IZA World of Labor, Institute of Labor Economics (IZA), pages 1-51, April.
    • Handle: RePEc:iza:izawol:journl:2019:n:51
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    References listed on IDEAS

    as
    1. Martin Feldstein, 2005. "Structural Reform of Social Security," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 33-55, Spring.
    2. Marek Góra, 2013. "Political economy of pension reforms: selected general issues and the Polish pension reform case," IZA Journal of Labor & Development, Springer;Forschungsinstitut zur Zukunft der Arbeit GmbH (IZA), vol. 2(1), pages 1-31, December.
    3. Richard Hinz & Robert Holzmann, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications - Books, The World Bank Group, number 7336.
    4. Amelie Constant & Klaus Zimmermann, 2011. "Circular and Repeat Migration: Counts of Exits and Years Away from the Host Country," Population Research and Policy Review, Springer;Southern Demographic Association (SDA), vol. 30(4), pages 495-515, August.
    5. Góra, Marek & Palmer, Edward, 2004. "Shifting Perspectives in Pensions," IZA Discussion Papers 1369, Institute of Labor Economics (IZA).
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    Cited by:

    1. Roszkowska, Paulina & Langer, Lukasz K. & Langer, Piotr B., 2021. "Pension funds and IPO pricing. Evidence from a quasi-experiment," The British Accounting Review, Elsevier, vol. 53(4).
    2. Alzate, David & Carranza, Eliana & Duran-Franch, Joana & Packard, Truman & Proffen, Celina, 2024. "How Regulations Impact the Labor Market: A Review of the Literatures on Product and Labor Market Regulations," IZA Discussion Papers 17536, Institute of Labor Economics (IZA).
    3. Konrad C. Schäfer, 2016. "The Influence of Personality Traits on Private Retirement Savings in Germany," SOEPpapers on Multidisciplinary Panel Data Research 867, DIW Berlin, The German Socio-Economic Panel (SOEP).
    4. Dilshodjon Alidjonovich Rakhmonov, 2016. "Improvement of the Pension System in Uzbekistan: Through the Experience of the European Union Countries," Eurasian Journal of Economics and Finance, Eurasian Publications, vol. 4(1), pages 80-90.

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    More about this item

    Keywords

    pension systems; demographic dividend; transparency of institutions; intergenerational conflict;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy

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