IDEAS home Printed from https://ideas.repec.org/p/wbk/hdnspu/68934.html
   My bibliography  Save this paper

Global pension systems and their reform : worldwide drivers, trends, and challenges

Author

Listed:
  • Holzmann, Robert

Abstract

Across the world, pension systems and their reforms are in a constant state of flux driven by shifting objectives, moving reform needs, and a changing enabling environment. The ongoing worldwide financial crisis and the adjustment to an uncertain'new normal'will make future pension systems different from past ones. The objectives of this policy review paper are threefold: (i) to briefly review recent and ongoing key changesthat are triggering reforms; (ii) to outline the main reform trends across pension pillars; and (iii) to identify a few areas on which the pension reform community will need to focus to make a difference. The latter includes: creating solutions after the marginalization or, perhaps, demise of Bismarckian systems in countries with high rates of informality; keeping the elderly in the labor market; and addressing the uncertainty of longevity increases in pension schemes.

Suggested Citation

  • Holzmann, Robert, 2012. "Global pension systems and their reform : worldwide drivers, trends, and challenges," Social Protection and Labor Policy and Technical Notes 68934, The World Bank.
  • Handle: RePEc:wbk:hdnspu:68934
    as

    Download full text from publisher

    File URL: http://www-wds.worldbank.org/servlet/WDSContentServer/WDSP/IB/2012/05/17/000333038_20120517011339/Rendered/PDF/689340NWP00PUB00labor0121300PUBLIC0.pdf
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Aterido, Reyes & Hallward-Driemeier, Mary & Pages, Carmen, 2011. "Does expanding health insurance beyond formal-sector workers encourage informality ? measuring the impact of Mexico's Seguro Popular," Policy Research Working Paper Series 5785, The World Bank.
    2. Richard Hinz & Heinz P. Rudolph & Pablo Antolin & Juan Yermo, 2010. "Evaluating the Financial Performance of Pension Funds," World Bank Publications, The World Bank, number 2405.
    3. Robert Holzmann & David A. Robalino & Noriyuki Takayama, 2009. "Closing the Coverage Gap : The Role of Social Pensions and Other Retirement Income Transfers," World Bank Publications, The World Bank, number 2651.
    4. Helena Ribe & David A. Robalino & Ian Walker, 2012. "From Right to Reality : Incentives, Labor Markets, and the Challenge of Universal Social Protection in Latin America and the Caribbean
      [De los derechos a la realidad : incentivos, mercados de traba
      ," World Bank Publications, The World Bank, number 6008.
    5. World Bank, 2009. "Pensions in Crisis : Europe and Central Asia Regional Policy Note," World Bank Other Operational Studies 18728, The World Bank.
    6. Rofman, Rafael & Oliveri, Maria Laura, 2012. "Pension coverage in Latin America : trends and determinants," Social Protection and Labor Policy and Technical Notes 70926, The World Bank.
    7. Roberto Rocha & Dimitri Vittas & Heinz P. Rudolph, 2011. "Annuities and Other Retirement Products : Designing the Payout Phase," World Bank Publications, The World Bank, number 2272.
    8. Barr, Nicholas & Diamond, Peter, 2008. "Reforming Pensions: Principles and Policy Choices," OUP Catalogue, Oxford University Press, number 9780195311303.
    9. Greg Brunner & Richard Hinz & Roberto Rocha, 2008. "Risk-based Supervision of Pension Funds : Emerging Practices and Challenges," World Bank Publications, The World Bank, number 6419.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Alexandra Rudolph, 2016. "Pension programs around the world: Determinants of social pension," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 212, Courant Research Centre PEG.
    2. Jacques Wels, 2016. "The Statistical Analysis of End of Working Life: Methodological and Sociological Issues Raised by the Average Effective Age of Retirement," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, pages 291-315.
    3. Fabiana Machado & Giselle Vesga, 2015. "The Political Economy of Pension Reform: Public Opinion in Latin America and the Caribbean," IDB Publications (Working Papers) 7258, Inter-American Development Bank.
    4. Rudolph, Alexandra & Priebe, Jan, 2015. "Pension programs around the world: determinants of social pension," Annual Conference 2015 (Muenster): Economic Development - Theory and Policy 112986, Verein für Socialpolitik / German Economic Association.
    5. Borbála Szüle, 2013. "Savings and Implicit Debt in Pension Systems," Public Finance Quarterly, State Audit Office of Hungary, vol. 58(3), pages 334-348.
    6. Dorfman, Mark & Palacios, Robert, 2012. "World Bank support for pensions and social security," Social Protection and Labor Policy and Technical Notes 70925, The World Bank.
    7. repec:eee:hapoch:v1_381 is not listed on IDEAS
    8. Fabiana Machado & Giselle Vesga, 2015. "The Political Economy of Pension Reform: Public Opinion in Latin America and the Caribbean," IDB Publications (Working Papers) 91457, Inter-American Development Bank.

    More about this item

    Keywords

    Emerging Markets; Debt Markets; Pensions&Retirement Systems; Safety Nets and Transfers; Banks&Banking Reform;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I3 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

    NEP fields

    This paper has been announced in the following NEP Reports:

    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:wbk:hdnspu:68934. 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: (Raiden C. Dillard). General contact details of provider: http://edirc.repec.org/data/wrldbus.html .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.