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Demography Rules in Pension Systems

In: International Migration and the Future of Populations and Labour in Europe

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  • Marek Góra

    (Warsaw School of Economics (SGH))

Abstract

Traditional pension systems were established under assumptions similar to the trick behind the Ponzi scheme: each next generation of participants is much larger than the previous one. That created a surplus at the disposal of politicians, who were able to finance social expenditure out of that demographic dividend. Phase 4 of the demographic transition stopped that possibility. It is extremely difficult to reduce inflated expectations after the dividend has gone. This applies not only to pension systems but also to public finance in general. The chapter briefly discusses that situation and also addresses common myths in the discussion on pension reforms. Demography rules and real pension reform is just adjusting institutions to the changing reality, which is one of the greatest challenges developed economies face nowadays.

Suggested Citation

  • Marek Góra, 2013. "Demography Rules in Pension Systems," The Springer Series on Demographic Methods and Population Analysis, in: Marek Kupiszewski (ed.), International Migration and the Future of Populations and Labour in Europe, edition 127, chapter 0, pages 293-299, Springer.
    • Handle: RePEc:spr:ssdmcp:978-90-481-8948-9_16
    DOI: 10.1007/978-90-481-8948-9_16
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