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Debt and Social Security

In: Debt in Times of Crisis

Author

Listed:
  • Thomas Poufinas

    (Democritus University of Thrace)

  • George Galanos

    (University of Piraeus)

  • Charalampos Agiropoulos

    (University of Piraeus)

Abstract

Social security has been debated to be one of the contributors of sovereign debt, especially during the latest (2008) financial crisis and the debt crisis that followed it. A series of econometric models is employed to find evidence that (at a significance level that depends on the model) public debt is positively correlated with pension assets, pension spending, pension benefits, health expenditure, unemployment, as well as GDP per capita. It is negatively correlated with contributions, social expenditure and FDI. Furthermore, looking at private debt, we realize that (at a significance level that depends on the model) it is positively correlated with pension assets, social expenditure, GDP per capita, FDI and unemployment. It is negatively correlated with pension spending, contributions, benefits and pension assets. These findings can be of use to the competent authorities that wish to steer the pension and social security components in order to contain sovereign debt.

Suggested Citation

  • Thomas Poufinas & George Galanos & Charalampos Agiropoulos, 2021. "Debt and Social Security," Springer Books, in: Thomas Poufinas (ed.), Debt in Times of Crisis, chapter 0, pages 191-213, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-74162-4_6
    DOI: 10.1007/978-3-030-74162-4_6
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