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A Long-run Macroeconomic Model of the Slovak Republic (Long-term sustainability of the pension system)

Author

Listed:
  • Tomáš Domonkos
  • Štefan Domonkos
  • Miroslava Jánošová
  • Filip Ostrihoň

Abstract

Using a complex long-run growth model, this paper investigates the long-term sustainability of the pension system in the Slovak Republic. The long-run growth model employed in the paper is able to perform projections for several decades ahead, which is necessary for this type of analysis. The model is composed of seven interrelated blocks. Special attention is dedicated to the labour market, social security and public sector. Instead of econometric estimations, the parameters are calibrated in accordance with economic theory. As an empirical application, we assess the long-term sustainability of the Slovak multi-pillar pension system in its latest form. Subsequently, we compare the economic effects of various hypothetical amendments to the existing social security legislation in the Slovak Republic.

Suggested Citation

  • Tomáš Domonkos & Štefan Domonkos & Miroslava Jánošová & Filip Ostrihoň, 2014. "A Long-run Macroeconomic Model of the Slovak Republic (Long-term sustainability of the pension system)," EcoMod2014 6993, EcoMod.
    • Handle: RePEc:ekd:006356:6993
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    References listed on IDEAS

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    1. Balázs Égert, 2013. "The impact of changes in second pension pillars on public finances in Central and Eastern Europe: The case of Poland," Post-Print hal-01385931, HAL.
    2. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter.
    3. Josef Baumgartner & Helmut Hofer & Serguei Kaniovski & Ulrich Schuh & Thomas Url, 2004. "A Long-run Macroeconomic Model of the Austrian Economy (A-LMM). Model Documentation and Simulations," WIFO Working Papers 224, WIFO.
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    More about this item

    Keywords

    Slovak Republic; Public finance and tax issues; Impact and scenario analysis;
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