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Analysis of pension systems in the European Union based on cluster analysis

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  • Havay, Dóra Anna

Abstract

Sovereign pension systems in the European Union are diverse. The similar challenges facing these systems and the deepening of economic integration have made and continue to make Community objectives and recommendations necessary. In my study, I have analysed the pension systems of the EU Member States, their parametric and paradigmatic characteristics, using cluster analysis. I was looking for answers to the question of which clusters can be created if we examine the structures independently of economic and demographic indicators, and what conclusions can be drawn from this regarding the necessary restructuring of the Hungarian pension system. The results of the data reduction procedure suggest that an efficient and modern pension system is based on a multi-pillar, individual accounting system with built-in automaticity to promote its long-term sustainability, increasing the resilience of pension systems to exogenous processes and making short-term and frequent interventions unnecessary.

Suggested Citation

  • Havay, Dóra Anna, 2025. "Analysis of pension systems in the European Union based on cluster analysis," Public Finance Quarterly, Corvinus University of Budapest, vol. 71(2), pages 76-93.
    • Handle: RePEc:pfq:journl:v:71:y:2025:i:2:p:76-93
    DOI: https://doi.org/10.35551/PFQ_2025_2_4
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    More about this item

    Keywords

    sustainable pension system; pension reform;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H75 - Public Economics - - State and Local Government; Intergovernmental Relations - - - State and Local Government: Health, Education, and Welfare

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