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Rethinking Public Pension Reform Initiatives by Mr.Peter S. Heller Pdf
This paper argues that there are significant risks, limitations, and complications associated with reliance upon mandatory DC, fully funded schemes as the dominant public pension pillar. Policies to limit risks may result in the government being reinjected into playing an important financial role in the provision of social insurance. For many countries, the principal source of old age support should thus derive from a well-formulated, public DB pillar, with a significant amount of prefunding. A DC/FF pillar can play a useful supplemental role in a multi-pillar system for the accumulation of pension savings.
Rethinking Public Pension Reform Initiatives by Peter Heller Pdf
This paper argues that there are significant risks, limitations, and complications associated with reliance upon mandatory DC, fully funded schemes as the dominant public pension pillar. Policies to limit risks may result in the government being reinjected into playing an important financial role in the provision of social insurance. For many countries, the principal source of old age support should thus derive from a well-formulated, public DB pillar, with a significant amount of prefunding. A DC/FF pillar can play a useful supplemental role in a multi-pillar system for the accumulation of pension savings.
Author : Martin Feldstein,Horst Siebert Publisher : University of Chicago Press Page : 515 pages File Size : 46,9 Mb Release : 2009-02-15 Category : Political Science ISBN : 9780226241913
Social Security Pension Reform in Europe by Martin Feldstein,Horst Siebert Pdf
Social Security in the United States and in Europe is at a critical juncture. Through the essays assembled in Social Security Pension Reform in Europe, Martin Feldstein and Horst Siebert, along with a number of distinguished contributors, discuss the challenges facing Social Security reform in the aging societies of Europe. A remarkable range of European nations—Germany, France, Finland, the Netherlands, Poland, Romania, Italy, Sweden, the United Kingdom, and Hungary—have implemented or are about to implement mixed Social Security systems that combine a traditional defined benefit of the pay-as-you-go system with an individual retirement account defined contribution of a capital-funded system. The essays here highlight the problems that the European pension reform process faces and how it differs from that of the United States. This timely volume will significantly enrich the debate on pension reform worldwide.
Rethinking Pension Reform by Franco Modigliani,Arun Muralidhar Pdf
This book is unique as it presents an academic and a practical aspect on managing pension funds to clarify the global debate on social security. The authors establish the basic choices in designating any system to help policy makers develop the system that achieves their many objectives. The success of reforms depends on financial innovation to mitigate key risks and some innovations are discussed, which also demonstrates how pension reform choices affect the achievement of retirement objectives. Finally, the authors examine some proposed hybrid options to show how the beneficial features of these hybrids can be captured through good design in a single fund.
Pensions Under Attack by Monica Townson,Canadian Centre for Policy Alternatives Pdf
Canada's aging population has raised cries of alarm from some quarters. Critics warn of a demographic time bomb waiting to explode and an age war over pensions as the baby boom generation starts to retire in the next decade. They say the answer is to get rid of public pension programs like the Canada Pension Plan and force people to contribute to their own personal savings plans instead. Will this spell disaster for the elderly, or is it a bold new idea for coping with rising costs? Monica Townson, a prominent independent economist, discusses the forces behind the push to privatize public pensions and looks at the likely impact of privatization on the financial security of futre seniors. She describes how Chile, under the Pinochet dictatorship, replaced its public pension plan with a forced savings scheme and became the darling of right-wing governments around the world, and how Britain, under Margaret Thatcher, introduced opting out of public pensions and triggered a major scandal involving some of the big names in the insurance industry. As the debate about pivatization heats up the new millennium, Pensions Under Attack provides the information needed to question the hidded agenda behind the current push to privatize public pensions. It will be a timely contribution to a discussion whose outcome affects the personal financial security of every Canadian.
Rethinking Public Sector Compensation by Thom Reilly Pdf
Designed as a comprehensive overview of public sector compensation, the book addresses strategies for change, with the author warning that failure of the profession to address this issue will ultimately lead to citizens taking matters in their own hands. The author's issues-oriented approach addresses his core messagethat the escalation of public sector compensation is impacting the ability of government to meet its core responsibility and the failure of government to address this has serious consequences. Not just a critique, it presents context, analysis, and suggestions for reform.
Pension Reform in Latin America and Its Lessons for International Policymakers by Tapen Sinha Pdf
The experience of privatization of social security has been predominantly in the Latin American region. Eight countries have undertaken either full or partial privatization of pensions: Argentina, Bolivia, Chile, Colombia, El Salvador, Mexico, Peru, and Uruguay. What did the policymakers expect? Were expectations realized? Can we learn anything from the collective experience of these countries? Can they be applied to other countries that are aspiring to privatize? How did the World Bank and other international institutions affect these policies? Pension Reform in Latin America and Its Lessons for International Policymakers analyzes in detail these important questions. The book begins with a detailed account of economic conditions in Latin America. It then discusses various models that policymakers rely on. Starting with a purely demographic model, it lays out advanced models of overlapping generations of Samuelson. The book gives extensive details of privatized pensions in each of the eight reforming countries. Two chapters are devoted to analyzing the reform in each country. Finally, detailed lessons are drawn that will help shape the debate for policymakers in other countries.
Ethics and Social Security Reform by Erik Schokkaert Pdf
This title was first published in 2001. Ethical considerations play a key role in both the theoretical and practical functioning of the welfare state. The contributors to this book examine these ethical issues, and demonstrate how value judgements must be integrated into any analysis of social security reform.
The Welfare State as Piggy Bank by Nicholas Barr Pdf
Of the many functions of the welfare state, two are particularly prominent: the 'Robin Hood' function - the provision of poverty relief, the redistribution of income and wealth, and the reduction of social exclusion; and the 'piggy bank' function - ensuring mechanisms for insurance and for redistribution over the life cycle. The piggy-bank function, unlike the redistributive purpose of the welfare state, has received relatively little attention, and is not widely understood. This book redresses the balance. Nicholas Barr's central contention is that—-contrary to popular opinion—-the welfare state exists for reasons additional to poverty relief. These reasons - encapsulated by the piggy-bank function - arise out of pervasive problems of imperfect information, risk, and uncertainty. Even if all poverty and social exclusion could be eradicated, people would still need to insure themselves and to redistribute over the life cycle. As a result, Barr argues, the welfare state is here to stay, since twenty-first century developments do nothing to undermine these reasons. He also explores ways in which the welfare state can and will adapt to economic and social change, including specific, and sometimes novel, solutions. The analysis in "The Welfare State as Piggy Bank" is international, applying to advanced industrial countries, as well as addressing post-communist countries, and touching upon middle-income developing countries. Barr's approach is contemporary and forward-thinking. His discussion ranges over a number of topics of central relevance to life in the twenty-first century, including genetic screening and its impact on insurance; the convergence of private and social insurance; how to finance long-term care; pension reform in the light of fluid family structures and a mobile workforce; loans for financing investment in human capital; and new ways of involving private finance in tertiary education.
The Evolution of Pension Systems in Eastern Europe and Central Asia by David C. Lindeman,Michal Rutkowski,Oleksiy Sluchynskyy Pdf
Since the early 1990s the transition economy countries of Eastern Europe and Central Asia have had to adapt their pension systems in minor and often very major ways. Some of the changes relate to shrinking contribution bases and the inability of government's to finance prior commitments, while still having to protect the pensioned populations from poverty. Other changes, however, reflect the need to make pension systems more sustainable in light of forthcoming demographic changes. The reforms entail a move away from a single-pillar pay-as-you-go defined benefit systems toward multi-pillar systems that include a funded defined contribution component, and change that convert remaining pay-as-you-go components into ones that are more self sustaining and transparent. The paper describes ongoing developments, assesses the effects of current and forthcoming challenges in light of potential labor market changes, and examines choices for a new pensions system with respect to the organization, administration, guarantees, transition arrangements, participation requirements, role of the government, annuitization, and other factors. The paper concludes that though a 'one-size-fits-all' approach is clearly not appropriate, some practices emerging from the experiences in this region and elsewhere may offer useful guidance to others as they undertake deeper pension reforms.
This volume aims to evaluate the impact of recent reform policies and highlight priority areas for further reform at the macroeconomic and institutional levels. Topics addressed include growth, distribution, and poverty reduction, unemployment and job creation, and the new pension system.
Economic Policy Issues for the Next Decade by Karl Aiginger,G. Hutschenreiter Pdf
There are several reasons why it has become important to rethink economic policy. Out of the European perspective it is the new currency, the enlargement towards Central and Eastern European countries, the sluggish growth and the end of productivity convergence towards the USA and the insufficient creation of employment. From the transatlantic perspective increasing differences in the economic policy and the potential rise of conflicts between Europe and the USA, for example, in trade, competition and health issues are important. The current volume touches most, but not all of these topics. It starts with the overview by Joseph Stiglitz on policy issues. Then macroeconomics policy is discussed, followed by the problem of an ageing society and European enlargement. Differences between Europe and the USA are large in taxation and in the role of public finance. The relative competitiveness of countries as well as of Europe will be decided by investments into new technologies and progression towards the Science Based Economy. In the final section the role of economists in shaping the economic agenda and giving policy advice is discussed.
Michael Cichon,International Labour Office,International Social Security Association
Author : Michael Cichon,International Labour Office,International Social Security Association Publisher : International Labour Organization Page : 702 pages File Size : 41,6 Mb Release : 2004 Category : Political Science ISBN : 9221151220
Financing Social Protection by Michael Cichon,International Labour Office,International Social Security Association Pdf
This publication considers the range of financing options available for the design of cost-effective and equitable social welfare systems, giving a thorough analysis of their advantages and disadvantages and their financial and economic implications. Written by practitioners for practitioners, the book discusses the design and maintenance of national social protection systems that seek to ensure effective and efficient use of available resources at the community, national and international levels while supporting long-term economic development. The book explores theoretical and practical policy questions, as well as looking at the policy process that determines the affordable levels of and scope of social protection in a given country.
