Funded and Private Pensions for Eastern European Countries in Transition?
All reform countries in Central and Eastern Europe require a rapid and comprehensive restructuring of their public pensions schemes for macro- and microeconomic reasons. The paper argues that pension reform, economic restructuring, and the growth options for these countries are closely related, and that by pursuing a reform which is at least partially directed towards private and funded pensions, the economic course of these reform countries may importantly be changed. The shift towards funded pensions could help to develop the financial sector and thus may bring the reform countries more rapidly towards a higher growth path. Recent developments in endogenous growth modelling support these conjectures. Yet for the time being, the financial sector in the reform economies may not be sufficiently developed to allow the introduction of funded pensions on a large scale. What these minimum conditions for the financial sector are, and how they can be introduced rapidly, is very much open for discussion.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Robert Holzmann, 1993.
"Reforming old-age pensions systems in Central and Eastern European countries in transition,"
Journal of Economics,
Springer, vol. 7(1), pages 191-218, December.
- Robert Holzmann, 1993. "Reforming old-age pensions systems in Central and Eastern European countries in transition," Journal of Economics, Springer, vol. 58(1), pages 191-218, December.
- Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
- Homburg, Stefan, 2014.
"The Efficiency of Unfunded Pension Schemes,"
Hannover Economic Papers (HEP)
dp-523, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.
- Robert J. Barro, 1989.
"Economic Growth in a Cross Section of Countries,"
NBER Working Papers
3120, National Bureau of Economic Research, Inc.
- Breyer, Friedrich & Straub, Martin, 1991.
"Welfare effects of unfunded pension systems when labor supply is endogenous,"
Discussion Papers, Series I
252, University of Konstanz, Department of Economics.
- Breyer, Friedrich & Straub, Martin, 1993. "Welfare effects of unfunded pension systems when labor supply is endogenous," Journal of Public Economics, Elsevier, vol. 50(1), pages 77-91, January.
- Saint-Paul, Gilles, 1992.
"Technological choice, financial markets and economic development,"
European Economic Review,
Elsevier, vol. 36(4), pages 763-781, May.
- Saint-Paul, G., 1990. "Technological Choice, Financial Markets and Economic Development," DELTA Working Papers 90-30, DELTA (Ecole normale supérieure).
- Jose De Gregorio, 1993. "Credit Markets and Stagnation in an Endogenous Growth Model," IMF Working Papers 93/72, International Monetary Fund.
- Glenn Jenkins, 1991.
"Privatization And Pension Reform In Transition Economies,"
Development Discussion Papers
1992-03, JDI Executive Programs.
- Jenkins, Glenn P, 1992. "Privatization and Pension Reform in Transition Economies," Public Finance = Finances publiques, , vol. 47(Supplemen), pages 141-51.
- Vittas, Dimitri, 1993. "Swiss Chilanpore : the way forward for pension reform?," Policy Research Working Paper Series 1093, The World Bank.
- Roubini, Nouriel & Sala-i-Martin, Xavier, 1992.
"Financial repression and economic growth,"
Journal of Development Economics,
Elsevier, vol. 39(1), pages 5-30, July.
- Bencivenga, V.R. & Smith, B.D., 1988.
"Financial Intermediation And Endogenous Growth,"
RCER Working Papers
124, University of Rochester - Center for Economic Research (RCER).
- Carlos M. Asilis, 2002.
"The savings trap and economic take-off,"
Oxford Economic Papers,
Oxford University Press, vol. 54(1), pages 20-43, January.
- Paul M Romer, 1999.
"Endogenous Technological Change,"
Levine's Working Paper Archive
2135, David K. Levine.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1994.
"The capital inflows problem: Concepts and issues,"
13902, University Library of Munich, Germany.
- Székely, Istvan P., 1993. "Economic Transformation and the Reform of the Financial System in Central and Eastern Europe," CEPR Discussion Papers 816, C.E.P.R. Discussion Papers.
- Marco Santamaria, 1991. "Privatizing social security: the Chilean case," Research Paper 9127, Federal Reserve Bank of New York.
- Olivier Jean Blanchard & Maxim Boycko & Marek Dabrowski & Rudiger Dornbusch & Richard Layard & Andrei Shleifer, 1993. "Post-Communist Reform: Pain and Progress," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262023628, June.
- Michael G. Spencer & H. J. Blommestein, 1993. "The Role of Financial Institutions in the Transition to a Market Economy," IMF Working Papers 93/75, International Monetary Fund.
When requesting a correction, please mention this item's handle: RePEc:wpa:wuwppe:9405004. 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: (EconWPA)
If references are entirely missing, you can add them using this form.