Detail publikace

Policy Risk in Action: Pension Reforms and Social Security Wealth in Hungary, Czech Republic and Slovakia

Typ: Články v recenzovaných časopisech
Rok: 2008
Číslo: 12
ISSN / ISBN: ISSN 1367-580X
Publikováno v: The Pension Institute, Cass Business School, City University
Místo vydání: London, United Kingdom
Klíčová slova: social security, policy risk, pension reforms
JEL kódy: H55, G32, P35
Granty: 402/05/0711 Reforms: Political and Investment Risk GACR 402/05/H510 Ekonomická teorie politických trhů GAUK 318 - Measuring Political Risk of Social Security System among Visegrad Countries
Abstrakt: We provide evidence on the policy risk of social security in Hungary, Czech Republic and Slovakia by computing the changes in the social security wealth induced by the pension reforms undertaken since the 1990s. Methodologically we follow upon McHale’s (2001) study of selected reforms in G7 countries. However, as we measure the differential impact of the reform on workers of different genders, ages, and levels of education, we are able to capture the aggregate, intergenerational, and intragenerational aspects of the policy risk. Overall, the paper documents that also a pay-as-you-go system is not a secure source of retirement income since pension reforms do change the future contributions and benefits in different directions for different workers, and the magnitude of the reductions in social security wealth sometimes exceeds several years’ worth of the workers’ earnings.

Ke stažení: Working paper 0812


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