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A Paradox Of Reforming Pensions In Poland

Author

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  • Anna Z¹bkowicz

    (Jagiellonian University)

Abstract

Recent years see intense reforming of funded pensions sub-system in Poland. Actually, what are the policy objectives at which change in design introduced in 2013 (mandatory funding) and projected in 2014 (voluntary funding) is oriented? The article briefly reports what contemporary re-designing of the pension system at different stages was about, and reconstructs the objectives of reforming at each stage. It finds that interlocking streams of change aimed at two goals in fact which are i) relief to public finance ii) expanding pension funding by financial intermediaries. It argues that the two are in contradiction to each other, and this makes a paradox of pension reforming. The review of 2013- and 2014- design, unexpectedly enough, results in conclusion that at present reforming is focused on pension funding revitalization, which may cause a recurring distress to public finance. Thus, the article identifies one of dilemmas of institutional-order development in Poland, which can be probably also experienced in other countries where pension funding has been introduced.

Suggested Citation

  • Anna Z¹bkowicz, 2016. "A Paradox Of Reforming Pensions In Poland," Equilibrium. Quarterly Journal of Economics and Economic Policy, Institute of Economic Research, vol. 11(3), pages 585-602, September.
    • Handle: RePEc:pes:ierequ:v:11:y:2016:i:3:p:585-602
    DOI: 10.12775/EQUIL.2016.026
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    References listed on IDEAS

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    1. Ian Tower & Gregorio Impavido, 2009. "How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter," IMF Working Papers 2009/151, International Monetary Fund.
    2. Nicholas Barr & Peter Diamond, 2008. "Reforming Pensions," Working Papers, Center for Retirement Research at Boston College wp2008-26, Center for Retirement Research.
    3. Barr, Nicholas & Diamond, Peter, 2008. "Reforming Pensions: Principles and Policy Choices," OUP Catalogue, Oxford University Press, number 9780195311303.
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    Keywords

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    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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