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Hungarian Pension System and its Reform

  • Andras Simonovits

    ()

    (Institute of Economics - Hungarian Academy of Sciences)

The goal of this study is to present an insider view on the pension reforms implemented in Hungary between 1996 and 2009. Both political economy as well as institutional economics will be used as the main approaches to analyse and explain the reform process and some of its effects. The following studies provide valuable insights: Palacios and Rocha (1998), Bokros and Dethier eds. (1998), Augusztinovics (1999), Augusztinovics et al. (2002), Simonovits (1999), (2000), (2008a), Czúcz and Pintér (2002), European Commission (2006), Gál (2006), Impavido and Rocha (2006), and Guardiancich (2008). The structure of the paper is as follows: Section 1 considers the legacy of the pension system. Section 2 summarises the debate on the pension reform and the basic decisions. Section 3 outlines the implementation of the pension reform, while Section 4 discusses the implementation problems. Section 5 describes the changes since the reform, while Section 6 analyses and Section 7 evaluates the reform. An Appendix discusses the issues of contribution rates.

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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 0908.

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Length: 32 pages
Date of creation: Mar 2009
Date of revision:
Handle: RePEc:has:discpr:0908
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  1. Peter A. Diamond & Peter R. Orszag, 2005. "Saving Social Security," Journal of Economic Perspectives, American Economic Association, vol. 19(2), pages 11-32, Spring.
  2. Andras Simonovits, 2008. "Underreported Earnings and Old-Age Pension: An Elementary Model," IEHAS Discussion Papers 0805, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  3. Olivia S. Mitchell, 1999. "New Evidence on the Money's Worth of Individual Annuities," American Economic Review, American Economic Association, vol. 89(5), pages 1299-1318, December.
  4. 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.
  5. 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.
  6. repec:cup:cbooks:9780521440189 is not listed on IDEAS
  7. "Gal, Robert I." & "Tarcali, Geza", 2003. "Pension Reform and Intergenerational Redistribution in Hungary," Economic Review, Hitotsubashi University, vol. 54(3), pages 237-247, July.
  8. Martin Neil Baily & Jacob Funk Kirkegaard, 2009. "US Pension Reform: Lessons from Other Countries," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 4259, December.
  9. Andras Simonovits, 2009. "When and How to Subsidize Tax-Favored Retirement Accounts?," IEHAS Discussion Papers 0902, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  10. Impavido, Gregorio & Rocha, Roberto, 2006. "Competition and performance in the Hungarian second pillar," Policy Research Working Paper Series 3876, The World Bank.
  11. Palacios, Robert & Rocha, Roberto, 1998. "The Hungarian pension system in transition," Social Protection Discussion Papers 20048, The World Bank.
  12. repec:cup:cbooks:9780521057547 is not listed on IDEAS
  13. András Simonovits, 2000. "Partial privatization of a pension system: lessons from Hungary," Journal of International Development, John Wiley & Sons, Ltd., vol. 12(4), pages 519-529.
  14. Gábor Orbán & Dániel Palotai, 2005. "The sustainability of the Hungarian pension system: a reassessment," MNB Occasional Papers 2005/40, Magyar Nemzeti Bank (the central bank of Hungary).
  15. Smetters, Kent & Walliser, Jan, 2004. "Opting out of social security," Journal of Public Economics, Elsevier, vol. 88(7-8), pages 1295-1306, July.
  16. Michele Boldrin & Juan J. Dolado & Juan F. Jimeno & Franco Peracchi, 1999. "The future of pensions in Europe," Economic Policy, CEPR;CES;MSH, vol. 14(29), pages 287-320, October.
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