IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/88969.html
   My bibliography  Save this paper

Private Pension Systems in Emerging Europe: The Uncertain Road Ahead

Author

Listed:
  • Velculescu, Delia

Abstract

This paper takes stock of the pension reforms introduced in the CEE countries, with focus on the private second pillars, discusses their fiscal cost implications, and outlines some forward-looking policy options.

Suggested Citation

  • Velculescu, Delia, 2011. "Private Pension Systems in Emerging Europe: The Uncertain Road Ahead," MPRA Paper 88969, University Library of Munich, Germany, revised 2011.
    • Handle: RePEc:pra:mprapa:88969
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/88969/1/4441347_-_Pension_Reforms_in_Emerging_Europe_The_Uncertain_Road_Ahead_%28D.Velculescu%29_-_1_-_DMSDR1S.pdf
    File Function: original version
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Zvi Bodie, 1989. "Pension Funds and Financial Innovation," NBER Working Papers 3101, National Bureau of Economic Research, Inc.
    2. Haindl Rondanelli, Erik, 1996. "Chilean pension fund reform and its impact on saving," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 34299, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    3. Assar Lindbeck & Mats Persson, 2003. "The Gains from Pension Reform," Journal of Economic Literature, American Economic Association, vol. 41(1), pages 74-112, March.
    4. Pablo Antolin & Fiona Stewart, 2009. "Private pensions and policy responses to the financial economic crisis," OECD Journal: Financial Market Trends, OECD Publishing, vol. 2009(1), pages 127-141.
    5. Gora, Marek & Rutkowski, Michal, 1998. "The quest for pension reform : Poland's security through diversity," Social Protection Discussion Papers and Notes 20111, The World Bank.
    6. Estelle James, 1998. "The Political Economy of Social Security Reform: A Cross-Country Review," Annals of Public and Cooperative Economics, Wiley Blackwell, vol. 69(4), pages 451-482, December.
    7. Chlon, Agnieszka & Gora, Marek & Rutkowski, Michal, 1999. "Shaping pension reform in Poland : security through diversity," Social Protection Discussion Papers and Notes 20852, The World Bank.
    8. Razin, Assaf & Sadka, Efraim, 2002. "The Stability and Growth Pact as an Impediment to Privatizing Social Security," CEPR Discussion Papers 3621, C.E.P.R. Discussion Papers.
    9. Eduardo Walker & Fernando Lefort, 2002. "Pension Reform And Capital Markets: Are There Any (Hard) Links?," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 5(2), pages 77-149.
    10. David Miles & Allan Timmermann, 1999. "Risk sharing and transition costs in the reform of pension systems in Europe," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 14(29), pages 252-286.
    11. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
    12. Pablo Antolín & Fiona Stewart, 2009. "Private Pensions and Policy Responses to the Financial and Economic Crisis," OECD Working Papers on Insurance and Private Pensions 36, OECD Publishing.
    13. Robert Holzmann, 1997. "Pension Reform, Financial Market Development, and Economic Growth: Preliminary Evidence from Chile," IMF Staff Papers, Palgrave Macmillan, vol. 44(2), pages 149-178, June.
    14. Morande, Felipe G., 1998. "Savings in Chile. What went right?," Journal of Development Economics, Elsevier, vol. 57(1), pages 201-228, October.
    15. Eduardo Walker & Fernando Lefort, 2002. "Pension Reform And Capital Markets: Are There Any (Hard) Links?," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 5(2), pages 77-149.
    16. Mr. Peter S. Heller, 1998. "Rethinking Public Pension Reform Initiatives," IMF Working Papers 1998/061, International Monetary Fund.
    17. Aneta Hryckiewicz, 2009. "Pension reform, institutional investors’ growth and stock market development in the developing countries: does it function?," NBP Working Papers 67, Narodowy Bank Polski.
    18. Mr. Carlo Cottarelli & Mr. Luis M. Cubeddu & Mr. M. Cangiano, 1998. "Pension Developments and Reforms in Transition Economies," IMF Working Papers 1998/151, International Monetary Fund.
    19. Walker, Eduardo*Lefort, Fernando, 2002. "Pension reform and capital markets : are there any (hard) links?," Policy Research Working Paper Series 24082, The World Bank.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ashok Thomas & Luca Spataro, 2013. "Pension funds and Market Efficiency: A review," Discussion Papers 2013/164, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
    2. Richard Hinz & Robert Holzmann, 2005. "Old Age Income Support in the 21st century: An International Perspective on Pension Systems and Reform," World Bank Publications - Books, The World Bank Group, number 7336, April.
    3. Milos Laura Raisa, 2012. "Spillover Effects Of Pension Funds On Capital Markets. The Eu-15 Countries Case," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 164-170, December.
    4. Dayoub, Mariam & Lasagabaster, Esperanza, 2008. "General trends in competition policy and investment regulation in mandatory defined contribution markets in Latin America," Policy Research Working Paper Series 4720, The World Bank.
    5. Yilmaz Bayar & Marius Dan Gavriletea & Dan Constantin Danuletiu & Adina Elena Danuletiu & Emre Sakar, 2022. "Pension Funds, Insurance Companies and Stock Market Development: Evidence from Emerging Markets," Mathematics, MDPI, vol. 10(13), pages 1-13, July.
    6. Aggarwal, Raj & Goodell, John W., 2013. "Political-economy of pension plans: Impact of institutions, gender, and culture," Journal of Banking & Finance, Elsevier, vol. 37(6), pages 1860-1879.
    7. Acuna R., Rodrigo & Iglesias P., Augusto, 2001. "Chile's pension reform after twenty years," Social Protection Discussion Papers and Notes 24079, The World Bank.
    8. Tsai, Hui-Ju & Chiang, Yao-Min, 2020. "Pension policy and the IPO market," Finance Research Letters, Elsevier, vol. 34(C).
    9. Pamela Córdova Olivera, 2010. "Contribución del sistema de pensiones privado de capitalización individual al desarrollo del mercado de capitales en Bolivia 1997-2009," Investigación & Desarrollo, Universidad Privada Boliviana, vol. 1(1), pages 139-152.
    10. Gazmore Rexhepi & Burim Gashi, 2022. "The Role of Pension Funds on Capital Market Growth in the New EU Member States," Ekonomista, Polskie Towarzystwo Ekonomiczne, issue 4, pages 437-454.
    11. Armstrong, Angus & Davis, Philip & Ebell, Monique, 2015. "An economic analysis of pension tax proposals," LSE Research Online Documents on Economics 86276, London School of Economics and Political Science, LSE Library.
    12. Thomas, Ashok & Spataro, Luca & Mathew, Nanditha, 2014. "Pension funds and stock market volatility: An empirical analysis of OECD countries," Journal of Financial Stability, Elsevier, vol. 11(C), pages 92-103.
    13. De la Torre, Augusto & Schmukler, Sergio, 2007. "Emerging Capital Markets and Globalization: The Latin American Experience," IDB Publications (Books), Inter-American Development Bank, number 349.
    14. Pinotti Paolo, 2009. "Financial Development and Pay-As-You-Go Social Security," The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-21, March.
    15. Gamboa-Estrada, Fredy & Sanchez-Jabba, Andres, 2024. "The effects of foreign investor composition on Colombia's sovereign debt flows," International Economics, Elsevier, vol. 178(C).
    16. Musalem, Alberto R. & Pasquini, Ricardo, 2012. "Private pension systems : cross-country investment performance," Social Protection Discussion Papers and Notes 68937, The World Bank.
    17. Babalos, Vassilios & Stavroyiannis, Stavros, 2020. "Pension funds and stock market development in OECD countries: Novel evidence from a panel VAR," Finance Research Letters, Elsevier, vol. 34(C).
    18. de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2007. "Stock market development under globalization: Whither the gains from reforms?," Journal of Banking & Finance, Elsevier, vol. 31(6), pages 1731-1754, June.
    19. Kristian Niemietz, 2009. "The Nationalisation Of Retirement Savings Accounts In Argentina," Economic Affairs, Wiley Blackwell, vol. 29(1), pages 49-53, March.
    20. Monique Ebell & Angus Armstrong & Philip Davis, 2015. "An economic analysis of the existing taxation of pensions (EET) versus an alternative regime (TEE)," National Institute of Economic and Social Research (NIESR) Discussion Papers 455, National Institute of Economic and Social Research.

    More about this item

    Keywords

    Pension reform; private second pillar pensions; CESE;
    All these keywords.

    JEL classification:

    • H0 - Public Economics - - General
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:88969. See general information about how to correct material in RePEc.

    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 CitEc recognized a bibliographic reference but did not link an item in RePEc 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Joachim Winter (email available below). General contact details of provider: https://edirc.repec.org/data/vfmunde.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.