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Financing the transition to multipillar

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  • Holzmann, Robert

Abstract

This report focuses primarily on the mechanics of financing the transition from an unfunded pension scheme with equates with hidden public debt to a funded scheme which makes this debt explicit, and on the financial stocks and flows involved. Only if the problem is treated in a consistent stock/flow concept can the true costs or benefits of transition, and its economic and distributive implications be fully assessed. To this end, the structure of this report is as follows: after the introductory section, section 2 elaborates on the appropriate definition of the scope of the obligations that become explicit, the way these are measured, and how they change under reform. Section 3 presents the main strategies for reducing the debt to be made explicit. Section 4 highlights the changes in the composition of total (i.e., implicit and explicit) debt and the related fiscal requirements during the transition under alternative reforms. Section 5 presents the options to finance the transition through debt or budgetary financing.

Suggested Citation

  • Holzmann, Robert, 1998. "Financing the transition to multipillar," Social Protection and Labor Policy and Technical Notes 20052, The World Bank.
  • Handle: RePEc:wbk:hdnspu:20052
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    References listed on IDEAS

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    1. Palacios, Robert & Whitehouse, Edward, 1998. "The role of choice in the transition to a funded pension system," Social Protection and Labor Policy and Technical Notes 20109, The World Bank.
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    Cited by:

    1. World Bank, 2003. "The Pension System in Iran : Challenges and Opportunities, Volume 1. Main Report," World Bank Other Operational Studies 14645, The World Bank.
    2. de la Torre, Augusto & Gozzi, Juan Carlos & Schmukler, Sergio L., 2006. "Financial development in Latin America : big emerging issues, limited policy answers," Policy Research Working Paper Series 3963, The World Bank.
    3. David Robalino, 2005. "Pensions in the Middle East and North Africa: Time for Change," World Bank Publications, The World Bank, number 7427.
    4. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena.
    5. Jorge Roldos, 2007. "Pension Reform and Macroeconomic Stability in Latin America," IMF Working Papers 07/108, International Monetary Fund.
    6. World Bank, 2005. "Russia : Fiscal Costs of Structural Reforms," World Bank Other Operational Studies 8540, The World Bank.
    7. Gora, Marek & Rutkowski, Michal, 1998. "The quest for pension reform : Poland's security through diversity," Social Protection and Labor Policy and Technical Notes 20111, The World Bank.
    8. Carlos Vidal-Meliá & Inmaculada Domínguez-Fabian, 2005. "The Spanish Pension System: Issues Of Introducing Notional Defined Contribution Accounts," Public Economics 0504006, EconWPA.
    9. Holzmann, Robert & Jousten, Alain, 2010. "Addressing the Legacy Costs in an NDC Reform: Conceptualization, Measurement, Financing," IZA Discussion Papers 5296, Institute for the Study of Labor (IZA).
    10. repec:gam:jsusta:v:9:y:2017:i:12:p:2252-:d:121847 is not listed on IDEAS

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