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Funded and Private Pensions for Eastern European Countries in Transition?

  • Prof. Dr. Robert Holzmann

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.

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Paper provided by EconWPA in its series Public Economics with number 9405004.

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Length: 35 pages
Date of creation: 30 May 1994
Date of revision:
Handle: RePEc:wpa:wuwppe:9405004
Note: 35 pages, 1 figure, 2 tables
Contact details of provider: Web page: http://128.118.178.162

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  1. 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.
  2. Saint-Paul, Gilles, 1992. "Technological choice, financial markets and economic development," European Economic Review, Elsevier, vol. 36(4), pages 763-781, May.
  3. Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1994. "The capital inflows problem: Concepts and issues," MPRA Paper 13902, University Library of Munich, Germany.
  4. Robert J. Barro, 1989. "Economic Growth in a Cross Section of Countries," NBER Working Papers 3120, National Bureau of Economic Research, Inc.
  5. Roubini, Nouriel & Sala-i-Martin, Xavier, 1992. "Financial repression and economic growth," Journal of Development Economics, Elsevier, vol. 39(1), pages 5-30, July.
  6. Carlos M. Asilis, 2002. "The savings trap and economic take-off," Oxford Economic Papers, Oxford University Press, vol. 54(1), pages 20-43, January.
  7. Glenn Jenkins, 1991. "Privatization And Pension Reform In Transition Economies," Development Discussion Papers 1992-03, JDI Executive Programs.
  8. Bencivenga, V.R. & Smith, B.D., 1988. "Financial Intermediation And Endogenous Growth," RCER Working Papers 124, University of Rochester - Center for Economic Research (RCER).
  9. 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.
  10. 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.
  11. 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.
  12. Vittas, Dimitri, 1993. "Swiss Chilanpore : the way forward for pension reform?," Policy Research Working Paper Series 1093, The World Bank.
  13. 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.
  14. Paul Romer, 1989. "Endogenous Technological Change," NBER Working Papers 3210, National Bureau of Economic Research, Inc.
  15. Jose De Gregorio, 1993. "Credit Markets and Stagnation in an Endogenous Growth Model," IMF Working Papers 93/72, International Monetary Fund.
  16. Homburg, Stefan, 1990. "The Efficiency of Unfunded Pension Schemes," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 640-647.
  17. Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
  18. Marco Santamaria, 1991. "Privatizing social security: the Chilean case," Research Paper 9127, Federal Reserve Bank of New York.
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