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Má důchodová reforma se zadlužením smysl?
[Has pension reform with indebtedness a sense?]

Author

Listed:
  • Marek Loužek

Abstract

The paper is concerned with pension reform in the Czech Republic and abroad. It argues against two opinions: on the one hand, that it is not necessary to do anything, and on the other hand, that a mandatory funded system should be implemented. Both approaches are false, because of creating overwhelming explicit debts. The author recommends an evolutionary approach founded upon decreasing of PAYG in combination with voluntary savings.

Suggested Citation

  • Marek Loužek, 2006. "Má důchodová reforma se zadlužením smysl?
    [Has pension reform with indebtedness a sense?]
    ," Politická ekonomie, University of Economics, Prague, vol. 2006(2), pages 247-260.
  • Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:2:id:556:p:247-260
    as

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    References listed on IDEAS

    as
    1. James B. Bullard & Carlos Garriga & Christopher J. Waller, 2012. "Demographics, redistribution, and optimal inflation," Speech 200, Federal Reserve Bank of St. Louis.
    2. Havranek, Tomas & Horvath, Roman & Irsova, Zuzana & Rusnak, Marek, 2015. "Cross-country heterogeneity in intertemporal substitution," Journal of International Economics, Elsevier, pages 100-118.
    3. Federico Guerrero & Elliott Parker, 2006. "Deflation, Recession and Slowing Growth: Finding the Empirical Links," The IUP Journal of Monetary Economics, IUP Publications, vol. 0(1), pages 37-49, February.
    4. Guerrero, Federico & Parker, Elliott, 2006. "Deflation and recession: Finding the empirical link," Economics Letters, Elsevier, vol. 93(1), pages 12-17, October.
    5. Bullard, James & Garriga, Carlos & Waller, Christopher J., 2012. "Demographics, redistribution, and optimal inflation," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 419-440.
    6. Robert E. Lucas, Jr., 2000. "Inflation and Welfare," Econometrica, Econometric Society, vol. 68(2), pages 247-274, March.
    7. Lars E.O. Svensson, 2003. "Escaping from a Liquidity Trap and Deflation: The Foolproof Way and Others," Journal of Economic Perspectives, American Economic Association, pages 145-166.
    8. Cecchetti, Stephen G, 1992. "Prices during the Great Depression: Was the Deflation of 1930-1932 Really Unanticipated?," American Economic Review, American Economic Association, pages 141-156.
    9. Derek Anderson & Dennis P Botman & Benjamin L Hunt, 2014. "Is Japan’s Population Aging Deflationary?," IMF Working Papers 14/139, International Monetary Fund.
    10. Fujiki, Hiroshi & Okina, Kunio & Shiratsuka, Shigenori, 2001. "Monetary Policy under Zero Interest Rate: Viewpoints of Central Bank Economists," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 19(1), pages 89-130, February.
    11. Canon, Maria E. & Kudlyak, Marianna & Reed, Marisa, 2015. "Aging and the Economy: The Japanese Experience," The Regional Economist, Federal Reserve Bank of St. Louis, issue Oct.
    12. repec:cto:journl:v:21:y:2002:i:3:p:481-490 is not listed on IDEAS
    13. Gauti B. Eggertsson & Michael Woodford, 2003. "Optimal Monetary Policy in a Liquidity Trap," NBER Working Papers 9968, National Bureau of Economic Research, Inc.
    14. Claudio Borio & Magdalena Erdem & Andrew Filardo & Boris Hofmann, 2015. "The costs of deflations: a historical perspective," BIS Quarterly Review, Bank for International Settlements, March.
    15. Burke, Mary A. & Ozdagli, Ali K., 2013. "Household inflation expectations and consumer spending: evidence from panel data," Working Papers 13-25, Federal Reserve Bank of Boston.
    16. repec:fip:fedlps:y:2012:i:may30 is not listed on IDEAS
    17. Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, pages 145-169.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    pension reform; transition; social insurance; endogenous fertility; Ricardo-Barro-hypothesis;

    JEL classification:

    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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