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Implications of Economic Transition and Demographics for Financing Pensions in the Former Socialist Economies

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  • Jenkins, Glenn P

Abstract

The public pension systems of the post-socialist economies of Hungary and Poland are financially unsustainable. In addition to being poorly managed, they face many of the same problems that plague pay-as –you-go systems in other countries, including growing benefit expenditures and adverse demographic trends. The transition to market economies has exacerbated the problems in the supply and demand of public pensions in various ways. Stagnating production and trade, and the privatization or liquidation of state-owned enterprises is causing growing unemployment as well as increasing the pressures for early retirement. The result is increased demand for pensions concurrent with a shrinking contributing base. A set of alternative pension financing strategies are suggested in this paper. These proposals are evaluated on the basis of demographic trends and alternative assumptions about the economic growth and institutional development of Hungry and Poland.
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Suggested Citation

  • Jenkins, Glenn P, 1993. "Implications of Economic Transition and Demographics for Financing Pensions in the Former Socialist Economies," Public Finance = Finances publiques, , vol. 48(Supplemen), pages 253-265.
    • Handle: RePEc:pfi:pubfin:v:48:y:1993:i:supplement:p:253-65
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    1. YVES GUERARD & Glenn Jenkins, 1992. "Building Private Pension Systems," Development Discussion Papers 1992-06, JDI Executive Programs.
    2. David A. Wise, 1985. "Pensions, Labor, and Individual Choice," NBER Books, National Bureau of Economic Research, Inc, number wise85-1, March.
    3. Kornai, Janos, 1992. "The Postsocialist Transition and the State: Reflections in the Light of Hungarian Fiscal Problems," American Economic Review, American Economic Association, vol. 82(2), pages 1-21, May.
    4. International Monetary Fund, 1990. "The IMF and Tax Reform," IMF Working Papers 1990/039, International Monetary Fund.
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    More about this item

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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