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Aging and Pensions in the Euro Area

  • Philipp C. Rother
  • Marco Catenaro
  • Gerhard Schwab

Population aging will impose a significant burden on European pay-as-you-go pension systems. This study presents an estimate of this burden for the four largest euro-area countries and assesses alternative reform approaches. With prudent and realistic assumptions, the present value of future pension deficits through 2050 is estimated at 64% of GDP, adding to the current average explicit debt stock of around 70% of GDP. Feasible parametric reforms represent no durable solution, as they can balance pension systems at best temporarily. A comprehensive reform, including changes to current systems and a move towards partial funding, can ensure permanent financial sustainability of the public pension system.

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Article provided by Mohr Siebeck, Tübingen in its journal FinanzArchiv.

Volume (Year): 60 (2004)
Issue (Month): 4 (December)
Pages: 593-

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Handle: RePEc:mhr:finarc:urn:sici:0015-2218(200412)60:4_593:aapite_2.0.tx_2-_
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