Demography, Sustainability, and Growth Notes on the future of the European "Social Market" Economy
In most European countries, a rebalance of the excess of Pay-as-You-Go financing for pension and health expenditure is important, to reduce the current and expected future pressure on public finances. A debate should be promoted on how to achieve an optimal design, which combines PayGo and real accumulation plans. In general, a few priorities can be outlined for a new dialogue on the future of the European Social Market Economy: 1) Increase the technical quality of pension and health care expenditure projections incorporated in the annual Stability Programs of EU Partners, developing adequate sensitivity analysis around the central scenario through sound stochastic models (A stress test on fiscal sustainability of welfare systems); 2) Strengthen the link between medium-long term projections and the economic policy guidelines that EU Partners indicate at the end of the discussion session of Stability Programs; 3) Strengthen the link between the policy guidelines at European level and the annual budget of each Partner; 4) Promote a debate on the future of the European Social Market Economy, with a specific focus on the consequences of the status quo for States and individuals, as well as for economic growth and fiscal consolidation; 5) Promote a debate on how to achieve a balance between PayGo and capitalized funds to finance age related expenditures for pensions and health. Such an effort could contribute to set up a common ground to coordinate welfare systems among Member States, with positive effects on the mobility of labor and capital.
|Date of creation:||Oct 2013|
|Date of revision:|
|Contact details of provider:|| Postal: Via Fiorentina, 1, 53100 Siena|
Phone: +39 3476005404
Web page: http://www.cermlab.it/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lindbeck, Assar & Persson, Mats, 2002.
"The Gains from Pension Reform,"
712, Stockholm University, Institute for International Economic Studies.
- Broer, D.P. & Westerhout, E.W.M.T. & Bovenberg, A.L., 1994.
"Taxation, pension and saving in a small open economy,"
Other publications TiSEM
667e0603-e83e-4340-aad4-5, Tilburg University, School of Economics and Management.
- Broer, D Peter & Westerhout, Ed W M T & Bovenberg, A Lans, 1994. " Taxation, Pensions and Saving in a Small Open Economy," Scandinavian Journal of Economics, Wiley Blackwell, vol. 96(3), pages 403-24.
- Friedrich Breyer & Ben R. Craig, 1995.
"Voting on social security: evidence from OECD countries,"
9511, Federal Reserve Bank of Cleveland.
- Breyer, Friedrich & Craig, Ben, 1997. "Voting on social security: Evidence from OECD countries," European Journal of Political Economy, Elsevier, vol. 13(4), pages 705-724, December.
- Fabio Pammolli & Nicola Carmine Salerno, 2010. "I trend della spesa sanitaria e le ragioni del finanziamento multipillar con componente ad accumulazione reale," Working Papers 06-2010, Competitività Regole Mecati (CERM).
- Andrew J. G. Cairns & David Blake & Kevin Dowd, 2006. "A Two-Factor Model for Stochastic Mortality with Parameter Uncertainty: Theory and Calibration," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 73(4), pages 687-718.
- Meena Seshamani & Alastair Gray, 2004. "Ageing and health-care expenditure: the red herring argument revisited," Health Economics, John Wiley & Sons, Ltd., vol. 13(4), pages 303-314.
- Andrew B. Abel & N. Gregory Mankiw & Lawrence H. Summers & Richard J. Zeckhauser, 1986.
"Assessing Dynamic Efficiency: Theory and Evidence,"
NBER Working Papers
2097, National Bureau of Economic Research, Inc.
- Andrew Abel & Gregory N. Mankiw & Lawrence H. Summers & Richard Zeckhauser, . "Assessing Dynamic Efficiency: Theory and Evidence," Rodney L. White Center for Financial Research Working Papers 14-88, Wharton School Rodney L. White Center for Financial Research.
- Feldstein, Martin, 1996.
"The Missing Piece in Policy Analysis: Social Security Reform,"
American Economic Review,
American Economic Association, vol. 86(2), pages 1-14, May.
- Martin Feldstein, 1996. "The Missing Piece in Policy Analysis: Social Security Reform," NBER Working Papers 5413, National Bureau of Economic Research, Inc.
- 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.
- Pammolli, Fabio & Salerno, Nicola, 2011. "The Multipillar System for Health Care Financing: Thirteen Good Reasons for Open Capitalisation Funds, Covering both Pension and Health Care Provisions," MPRA Paper 36928, University Library of Munich, Germany.
- Cui, Jiajia & Jong, Frank De & Ponds, Eduard, 2011. "Intergenerational risk sharing within funded pension schemes," Journal of Pension Economics and Finance, Cambridge University Press, vol. 10(01), pages 1-29, January.
- Fabio Pammolli & Nicola Carmine Salerno, 2004. "Le proiezioni di lungo periodo della spesa sociale nell'UE: l'impatto demografico e il possibile impatto della tecnologia sulla spesa sanitaria," Working Papers 02-2004, Competitività Regole Mecati (CERM).
- Salerno, Nicola Carmine & Pammolli, Fabio, 2012.
"La Riforma del Welfare, il Paygo, i nuovi Ammortizzatori per il Mercato del Lavoro
[Reform of Welfare System, Scale of functioning of PayGo, and development of modern Unemployment Benefits]," MPRA Paper 38396, University Library of Munich, Germany, revised 15 Apr 2012.
- Gordon, Roger H. & Varian, Hal R., 1988.
"Intergenerational risk sharing,"
Journal of Public Economics,
Elsevier, vol. 37(2), pages 185-202, November.
When requesting a correction, please mention this item's handle: RePEc:ern:wpaper:01-2013. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guido Bora`)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.