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Fiškálna udržateľnosť penzijných systémov
[Fiscal Sustainability of Pension Systems]


  • Rudolf Sivák
  • Pavol Ochotnický
  • Andrea Čambalová


Aging population and fiscal costs of the pension system is a burden for the sustainability of public finance. Therefore, many countries have been forced to reform their pension systems. One of the many ways of doing this is to switch from the convention pay-as-you-go system to capital funding. This paper explores the present Slovakia's Pension system and its impact on public finance from the long-term perspective. This article points out that the authorities have to be committed to bringing public finance to a sustainable path. In this regard, a financial consolidation of the pension system would be needed. Therefore, the paper suggests some alternatives of the mixed pension system.

Suggested Citation

  • Rudolf Sivák & Pavol Ochotnický & Andrea Čambalová, 2011. "Fiškálna udržateľnosť penzijných systémov
    [Fiscal Sustainability of Pension Systems]
    ," Politická ekonomie, University of Economics, Prague, vol. 2011(6), pages 723-742.
  • Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:818:p:723-742

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    References listed on IDEAS

    1. Robert Holzmann & Ufuk Guven, 2009. "Adequacy of Retirement Income after Pension Reforms in Central, Eastern, and Southern Europe : Eight Country Studies," World Bank Publications, The World Bank, number 2610.
    2. Disney, Richard, 2000. "Crises in Public Pension Programmes in OECD: What Are the Reform Options?," Economic Journal, Royal Economic Society, vol. 110(461), pages 1-23, February.
    3. Auerbach, Alan J & Kotlikoff, Laurence J, 1987. "Evaluating Fiscal Policy with a Dynamic Simulation Model," American Economic Review, American Economic Association, vol. 77(2), pages 49-55, May.
    4. Jimeno, Juan F. & Rojas, Juan A. & Puente, Sergio, 2008. "Modelling the impact of aging on social security expenditures," Economic Modelling, Elsevier, vol. 25(2), pages 201-224, March.
    5. Holzmann, Robert & Palacios, Robert & Zviniene, Asta, 2004. "Implicit pension debt: issues, measurement and scope in international perspective," Social Protection and Labor Policy and Technical Notes 30153, The World Bank.
    6. Martin Feldstein, 1998. "Privatizing Social Security," NBER Books, National Bureau of Economic Research, Inc, number feld98-1, January.
    7. Martin Feldstein, 1998. "Introduction to "Privatizing Social Security"," NBER Chapters,in: Privatizing Social Security, pages 1-29 National Bureau of Economic Research, Inc.
    8. Martin Feldstein & Andrew Samwick, 1998. "The Transition Path in Privatizing Social Security," NBER Chapters,in: Privatizing Social Security, pages 215-264 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Petr Janský, 2015. "The Government-Subsidized Supplementary Retirement Savings Scheme: Determinants of Participation Rate and Contribution Size," Český finanční a účetní časopis, University of Economics, Prague, vol. 2015(3), pages 43-55.

    More about this item


    PAYG; pension reform; aging; dependency ratios; PAYG balance; cumulative debt; funded;

    JEL classification:

    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • 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
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions


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