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Social Security Reform in the US: Lessons from Hungary

  • András Simonovits

    ()

    (Institute of Economics, Hungarian Academy of Sciences)

The partial privatization of the US Social Security system was clearly the top economic policy priority for the new Bush administration. While many famous economists, publicists and politicians support, others reject the partial privatization of the Social Security system. The international comparisons have been quite infrequent, concentrated on few countries (Chile, Great Britain and Sweden) and left out similar reforms introduced in similar situations, like in Hungary, Poland and other ex-communist countries. In this article I try to make up for this omission and outline the lessons from the Hungarian reform, started in 1998. The conclusion is simple: such a reform is possible but does not solve the problems of social security.

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File URL: http://econ.core.hu/doc/dp/dp/mtdp0602.pdf
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Paper provided by Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences in its series IEHAS Discussion Papers with number 0602.

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Date of creation: 24 Apr 2006
Date of revision: 24 Apr 2006
Handle: RePEc:has:discpr:0602
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  1. Feldstein, Martin, 2005. "Structural Reform of Social Security," Scholarly Articles 2794830, Harvard University Department of Economics.
  2. Smetters, Kent & Walliser, Jan, 2004. "Opting out of social security," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1295-1306, July.
  3. Peter A. Diamond & Peter R. Orszag, 2005. "Saving Social Security," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 11-32, Spring.
  4. Attila Ambrus & Rossella Argenziano, 2004. "Network Markets and Consumers Coordination," Cowles Foundation Discussion Papers 1481, Cowles Foundation for Research in Economics, Yale University.
  5. Rumen Dobrinsky & Gábor Korösi & Nikolay Markov & László Halpern, 2004. "Firms’ Price Markups and Returns to Scale in Imperfect Markets: Bulgaria and Hungary," William Davidson Institute Working Papers Series 2004-710, William Davidson Institute at the University of Michigan.
  6. Laurence J. Kotlikoff, 1996. "Privatization of Social Security: How It Works and Why It Matters," NBER Chapters, in: Tax Policy and the Economy, Volume 10, pages 1-32 National Bureau of Economic Research, Inc.
  7. Anders Frederiksen & Elod Takats, 2004. "Optimal incentive mix of performance pay and efficiency wage," IEHAS Discussion Papers 0418, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  8. "Gal, Robert I." & "Tarcali, Geza", 2003. "Pension Reform and Intergenerational Redistribution in Hungary," Economic Review, Hitotsubashi University, vol. 54(3), pages 237-247, July.
  9. Martin Feldstein & Andrew Samwick, 2001. "Potential Paths of Social Security Reform," NBER Working Papers 8592, National Bureau of Economic Research, Inc.
  10. Martin Feldstein, 2005. "Structural Reform of Social Security," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 33-55, Spring.
  11. Peter Kondor, 2004. "The more we know, the less we agree: public announcements and higher-order expectations," LSE Research Online Documents on Economics 24645, London School of Economics and Political Science, LSE Library.
  12. 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.
  13. Berthold Herrendorf & Akos Valentinyi, 2006. "Which Sectors Make the Poor Countries so Unproductive?," 2006 Meeting Papers 304, Society for Economic Dynamics.
  14. James M. Poterba, 2003. "Employer Stock and 401(k) Plans," American Economic Review, American Economic Association, vol. 93(2), pages 398-404, May.
  15. 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.
  16. Peter Diamond, 2004. "Social Security," American Economic Review, American Economic Association, vol. 94(1), pages 1-24, March.
  17. Kata Bognar & Lones Smith, 2004. "We Can't Argue Forever," IEHAS Discussion Papers 0415, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  18. repec:dgr:uvatin:2005085 is not listed on IDEAS
  19. Feldstein, Martin & Liebman, Jeffrey B., 2002. "Social security," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 4, chapter 32, pages 2245-2324 Elsevier.
  20. repec:idb:brikps:59998 is not listed on IDEAS
  21. Palacios, Robert & Rocha, Roberto, 1998. "The Hungarian pension system in transition," Social Protection Discussion Papers 20048, The World Bank.
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