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Efficiency of Pension Systems in the EU Countries

Author

Listed:
  • Mihai Daniel ROMAN

    (Department of Informatics and Economic Cybernetics, The Bucharest University of Economic Studies)

  • Georgiana Cristina TOMA (ROŞU)

    (The Bucharest University of Economic Studies.)

  • Gabriela TUCHILUŞ

    (The Bucharest University of Economic Studies.)

Abstract

Demographic projections imply that the pension costs will increase in the future, which puts pressure on the government budgets. European countries are also worried about this phenomenon and have worked to define and adopt reforms to help improve the way that pensions are run. Our aim is to analyze and to compare the efficiency of the pension systems in 26 European Union countries using Chybalsky’s approach for 2011-2015 period. Using three economic and social dimensions (in static and dynamic approach), respectively the GDP-distribution efficiency, the adequacy efficiency and the labor market efficiency we conduct a cluster analysis in order to classify the European Union countries from the perspective of pension system efficiency. Thus, the Hungarian, the Luxembourgian and the Romanian pension systems are revealed to be the most efficient ones. At the opposite side, the worst pension systems are reported in Greece, Portugal and Italy.

Suggested Citation

  • Mihai Daniel ROMAN & Georgiana Cristina TOMA (ROŞU) & Gabriela TUCHILUŞ, 2018. "Efficiency of Pension Systems in the EU Countries," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 161-173, December.
    • Handle: RePEc:rjr:romjef:v::y:2018:i:4:p:161-173
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    Citations

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    Cited by:

    1. Krpan, Mira & Pavković, Ana & Žmuk, Berislav, 2019. "Similarity Assessment of the Pension Systems of the New European Union Member States," Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference (2019), Rovinj, Croatia, in: Proceedings of the ENTRENOVA - ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019, pages 50-57, IRENET - Society for Advancing Innovation and Research in Economy, Zagreb.
    2. Dan Luo & Man Luo & Jiamin Lv, 2022. "Can Digital Finance Contribute to the Promotion of Financial Sustainability? A Financial Efficiency Perspective," Sustainability, MDPI, vol. 14(7), pages 1-29, March.
    3. Mira Krpan & Ana Pavkovic & Berislav Zmuk, 2020. "Cluster analysis of new EU member states' pension systems," Interdisciplinary Description of Complex Systems - scientific journal, Croatian Interdisciplinary Society Provider Homepage: http://indecs.eu, vol. 18(2B), pages 208-222.

    More about this item

    Keywords

    cluster analysis; efficiency; pension reform; pension system;
    All these keywords.

    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
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • C38 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Classification Methdos; Cluster Analysis; Principal Components; Factor Analysis

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