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New Ideas about Old Age Security : Toward Sustainable Pension Systems in the 21st Century

Author

Listed:
  • Robert Holzmann
  • Joseph E. Stiglitz

Abstract

Given the impact of the multipillar approach to pension reform and the diversity of its implementation, the authors, who presented papers at the 1999 conference on "New Ideas About Old Age Security," re-examine the evidence and thinking on pensions and retirement security. This report examines global issues on pension reform which help put in perspective three major sets of questions. A first set of questions deals with generic issues that concern policymakers worldwide, almost independently of apporaches to reform. Most prominent but also least understood are the economic policy questions regarding the economic circumstances that are most conducive to the initiation of a reform and to its eventual success. Equally important are questions relating to the coverage of the labor force under a reformed system. Other questions concern the distributive effects of reformed systems with respect to generation, income group, and gender. A second set of questions is linked with a move toward funded provisions under a multipillar approach. A third set of questions concerns the multipillar reform approach itself. A wide consensus has emerged inside and outside the World Bank about the multipillar framework, but that consensus does not extend to several key issues regarding how the framework should be implemented in practice. The introduction to this report sums up each chapter in the report and concludes with a discussion of policy issues and on areas requiring further research.

Suggested Citation

  • Robert Holzmann & Joseph E. Stiglitz, 2001. "New Ideas about Old Age Security : Toward Sustainable Pension Systems in the 21st Century," World Bank Publications, The World Bank, number 13857.
  • Handle: RePEc:wbk:wbpubs:13857
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    References listed on IDEAS

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    1. Paul Mosley & Robert Holzmann & Steen Jorgensen, 1999. "Social protection as social risk management: conceptual underpinnings for the social protection sector strategy paper," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(7), pages 1005-1027.
    2. Gary S. Becker & Casey B. Mulligan, 1997. "The Endogenous Determination of Time Preference," The Quarterly Journal of Economics, Oxford University Press, vol. 112(3), pages 729-758.
    3. Hoddinott, John, 1992. "Rotten Kids or Manipulative Parents: Are Children Old Age Security in Western Kenya?," Economic Development and Cultural Change, University of Chicago Press, vol. 40(3), pages 545-565, April.
    4. Lucas, Robert E B & Stark, Oded, 1985. "Motivations to Remit: Evidence from Botswana," Journal of Political Economy, University of Chicago Press, vol. 93(5), pages 901-918, October.
    5. Dimitri Vittas, 1996. "Pension Funds and Capital Markets : Investment Regulation, Financial Innovation, and Governance," World Bank Other Operational Studies 11632, The World Bank.
    6. Arístides Torche & Gert Wagner, 1997. "Previsión Social: Valoración Individual de un Beneficio Mandatado," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 34(103), pages 363-390.
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    Citations

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    Cited by:

    1. Doling, John & Vandenberg, Paul & Tolentino, Jade, 2013. "Housing and Housing Finance—A Review of the Links to Economic Development and Poverty Reduction," ADB Economics Working Paper Series 362, Asian Development Bank.
    2. Andras Simonovits, 2015. "Benefit-Retirement Age Schedules and Redistribution in Public Pension Systems," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 65(5), pages 362-376, October.
    3. András Simonovits, 2006. "Social Security Reform in the US: Lessons from Hungary," IEHAS Discussion Papers 0602, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences, revised 24 Apr 2006.
    4. Karen A. Tumanyants & Eugenia V. Gulyaeva, 2016. "Individual Choice of a Pension Fund in Russia: Are the Investment Results of the Fund Important?," International Journal of Economics and Financial Issues, Econjournals, vol. 6(4), pages 1328-1337.
    5. Robert Holzmann & Steen Jørgensen, 2001. "Social Risk Management: A New Conceptual Framework for Social Protection, and Beyond," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 8(4), pages 529-556, August.
    6. Francesco Macheda, 2018. "The illusion of patient capital: evidence from pension investment policy in the Netherlands," Working Papers 0029, ASTRIL - Associazione Studi e Ricerche Interdisciplinari sul Lavoro.
    7. Hofer, Helmut & Url, Thomas, 2005. "Growth Effects of Age-related Productivity Differentials in an Ageing Society. A Simulation Study for Austria," Economics Series 179, Institute for Advanced Studies.
    8. María Claudia LLANES VALENZUELA & Gabriel Armando PIRAQUIVE G., 2012. "Sistemas pensionales y solidarios de Chile, Irlanda,Polonia, Brasil y Perú," ARCHIVOS DE ECONOMÍA 009596, DEPARTAMENTO NACIONAL DE PLANEACIÓN.
    9. Vittas, Dimitri, 2002. "Policies to promote saving for retirement : a synthetic overview," Policy Research Working Paper Series 2801, The World Bank.
    10. (No last name available), Himanshu, 2013. "Poverty and Food Security in India," ADB Economics Working Paper Series 369, Asian Development Bank.
    11. Debuque-Gonzales, Margarita, 2013. "Empirical Determinants and Patterns of Research and Development Investment in Asia," ADB Economics Working Paper Series 364, Asian Development Bank.

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