The Challenge Of Public Pension Reform In Advanced And Emerging Economies

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The Challenge of Public Pension Reform in Advanced and Emerging Economies

Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto
The Challenge of Public Pension Reform in Advanced and Emerging Economies Book PDF

Author : Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto
Publisher : International Monetary Fund
Page : 120 pages
File Size : 44,7 Mb
Release : 2016-01-08
Category : Business & Economics
ISBN : 9781498395472

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The Challenge of Public Pension Reform in Advanced and Emerging Economies by Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto Pdf

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.

The Challenge of Public Pension Reform in Advanced and Emerging Economies

International Monetary Fund. Fiscal Affairs Dept.
The Challenge of Public Pension Reform in Advanced and Emerging Economies Book PDF

Author : International Monetary Fund. Fiscal Affairs Dept.
Publisher : International Monetary Fund
Page : 72 pages
File Size : 44,9 Mb
Release : 2011-12-28
Category : Business & Economics
ISBN : 9781498338059

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The Challenge of Public Pension Reform in Advanced and Emerging Economies by International Monetary Fund. Fiscal Affairs Dept. Pdf

This paper reviews past trends in public pension spending and provides projections for 27 advanced and 25 emerging economies over 2011–2050. In constructing these projections, the paper incorporates the impact of recent pension reforms and highlights the key assumptions underlying these projections and associated risks. The paper also presents reform options to address future pension spending pressures in the advanced and emerging economies. These reforms—mainly increasing retirement ages, reducing replacement rates, or increasing payroll taxes—are discussed in the context of their role in fiscal consolidation, and their implications for both equity and economic growth. In addition, the paper examines the challenge of emerging economies of expanding coverage in a fiscally sustainable manner

The Challenge of Public Pension Reform in Advanced and Emerging Economies

Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto
The Challenge of Public Pension Reform in Advanced and Emerging Economies Book PDF

Author : Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto
Publisher : International Monetary Fund
Page : 86 pages
File Size : 55,8 Mb
Release : 2013-01-25
Category : Business & Economics
ISBN : 9781616354138

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The Challenge of Public Pension Reform in Advanced and Emerging Economies by Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto Pdf

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.

Equitable and Sustainable Pensions

Mr.Benedict J. Clements,Frank Eich,Mr.Sanjeev Gupta
Equitable and Sustainable Pensions Book PDF

Author : Mr.Benedict J. Clements,Frank Eich,Mr.Sanjeev Gupta
Publisher : International Monetary Fund
Page : 432 pages
File Size : 42,7 Mb
Release : 2014-03-08
Category : Business & Economics
ISBN : 9781616359508

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Equitable and Sustainable Pensions by Mr.Benedict J. Clements,Frank Eich,Mr.Sanjeev Gupta Pdf

Pension reform is high on the agenda of many advanced and emerging market economies, for many reasons. First, public pensions often constitute a large share of government expenditure. Second, population aging means that reforms would be needed just to keep pension spending from rising in the future. Third, in many economies, low or falling pension coverage will leave large segments of the population without adequate income in old age and at risk of falling into poverty. Although a number of studies have assessed the effects of pension reforms on fiscal sustainability, a systematic analysis of equity issues in pension systems—and how countries have grappled with these issues—has yet to be undertaken. This book brings together the latest research on equity issues related to pension systems and pension reforms in the post-crisis world. Some of the key issues covered include: the effect of pension systems on intergenerational equity and the impact of pension reforms on poverty, the effects of pension reform measures on fiscal sustainability and equity, and the fiscal consequences of achieving different equity goals. It also presents country case studies. The volume provides a rich menu of material to assist policymakers and academic audiences seeking to understand the latest research in this area, as well as the lessons and challenges for the design of reforms.

Reforming the Public Pension System in the Russian Federation

Frank Eich,Ms.Charleen Gust,Mauricio Soto
Reforming the Public Pension System in the Russian Federation Book PDF

Author : Frank Eich,Ms.Charleen Gust,Mauricio Soto
Publisher : International Monetary Fund
Page : 25 pages
File Size : 45,8 Mb
Release : 2012-08-01
Category : Business & Economics
ISBN : 9781475505511

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Reforming the Public Pension System in the Russian Federation by Frank Eich,Ms.Charleen Gust,Mauricio Soto Pdf

Pension reform is a key policy challenge in Russia. This paper examines how pension spending could increase in Russia in the absence of reforms, quantifies the impact of some recent proposals, and suggests some alternatives that would ensure public pension benefits - relative to wages - not fall from current levels while containing spending.

Pensions: Challenges and Reforms

Einar Overbye
Pensions Challenges and Reforms Book PDF

Author : Einar Overbye
Publisher : Routledge
Page : 256 pages
File Size : 52,7 Mb
Release : 2017-11-28
Category : Business & Economics
ISBN : 9781351151795

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Pensions: Challenges and Reforms by Einar Overbye Pdf

Throughout the developed world, public and private pension schemes face major challenges that are creating irresistible pressures for reform. Major structural changes in Latin America and in Central and Eastern Europe have led to particularly fierce pressure. Two member states of the European Union - Italy and Sweden - have introduced radical reform of their public pensions systems; controversial pension reforms have been proposed in France and Germany; and the British government has been widely criticized over its pension reforms and its 2002 white paper. This exceptional volume examines the challenges faced by pension schemes in the advanced economies and the reforms that have been introduced to tackle these challenges. A team of international contributors provides an up-to-date, invaluable analysis of different aspects of pension problems, prospects and reforms. The book incorporates cross-national chapters as well as a focus on individual countries including Belgium, Brazil, Colombia, Finland, Greece, Italy, Sweden, the UK and the USA.

Macroeconomic Effects of Public Pension Reforms

Ms.Anita Tuladhar,Mr.Philippe D Karam,Mr.Dirk Muir,Ms.Joana Pereira
Macroeconomic Effects of Public Pension Reforms Book PDF

Author : Ms.Anita Tuladhar,Mr.Philippe D Karam,Mr.Dirk Muir,Ms.Joana Pereira
Publisher : International Monetary Fund
Page : 65 pages
File Size : 44,9 Mb
Release : 2010-12-01
Category : Business & Economics
ISBN : 9781455211784

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Macroeconomic Effects of Public Pension Reforms by Ms.Anita Tuladhar,Mr.Philippe D Karam,Mr.Dirk Muir,Ms.Joana Pereira Pdf

The paper explores the macroeconomic effects of three public pension reforms, namely an increase in retirement age, a reduction in benefits and an increase in contribution rates. Using a five-region version of the IMF‘s Global Integrated Monetary and Fiscal model (GIMF), we find that public pension reforms can have a positive effect on growth in both the short run, propelled by rising consumption, and in the long run, due to lower government debt crowding in higher investment. We also find that a reform action undertaken cooperatively by all regions results in larger output effects, reflecting stronger capital accumulation due to higher world savings. An increase in the retirement age reform yields the strongest impact in the short run, due to the demand effects of higher labor income and in the long run because of supply effects.

Pensions

Thom Reilly
Pensions Book PDF

Author : Thom Reilly
Publisher : Unknown
Page : 345 pages
File Size : 53,8 Mb
Release : 2014
Category : Pensions
ISBN : 1629489581

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Pensions by Thom Reilly Pdf

The ongoing global financial crisis, coupled with the continued dramatic increases in life expectancy, have escalated the concerns countries have regarding the sustainability of their pension systems and how these retirement schemes will be financed. From 1998 to 2008, close to 30 countries embarked on privatizing reforms to their pension programs. Some of these countries introduced new pension reforms directed at private individual accounts while reducing the size of the state social security system. The focus of other reforms during this period varied but was primarily aimed at strengthening basic protection for economically at-risk older individuals, increasing benefit coverage and/or improving the overall fiscal sustainability of these systems. However, the move towards greater coverage and sustainability was interrupted by the worldwide financial meltdown. This has led to a reassessment of pension systems and reform approaches. This volume was assembled to review the status of pension reforms globally and to gain a glimpse of the trends emerging as countries adjust to the new age of macroeconomic worldwide uncertainty. The chapters in this volume provide concise, clear and dispassionate discussions on these trends and reforms as well as frank appraisals of the consequences of alternative policies. Experts from Europe, the United States and the emerging economies of Brazil, China and India approach pension reform and reassessment from different perspectives; however, each provide forthright analyses and assessment of the consequences of the "new normal".

The Challenge of Public Pension Reform in Advanced and Emerging Economies

Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto
The Challenge of Public Pension Reform in Advanced and Emerging Economies Book PDF

Author : Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto
Publisher : International Monetary Fund
Page : 86 pages
File Size : 53,8 Mb
Release : 2013-01-25
Category : Business & Economics
ISBN : 9781475566314

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The Challenge of Public Pension Reform in Advanced and Emerging Economies by Mr.Benedict J. Clements,Mr.David Coady,Frank Eich,Mr.Sanjeev Gupta,Mr.Alvar Kangur,Baoping Shang,Mauricio Soto Pdf

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.

Assessing Chile's Pension System: Challenges and Reform Options

Samuel Pienknagura,Christopher Evans
Assessing Chile s Pension System Challenges and Reform Options Book PDF

Author : Samuel Pienknagura,Christopher Evans
Publisher : International Monetary Fund
Page : 52 pages
File Size : 50,6 Mb
Release : 2021-09-10
Category : Business & Economics
ISBN : 9781513596112

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Assessing Chile's Pension System: Challenges and Reform Options by Samuel Pienknagura,Christopher Evans Pdf

Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.

Reforming the Greek Pension System

Mr. Alvar Kangur,Niki Kalavrezou,Mr. Daehaeng Kim
Reforming the Greek Pension System Book PDF

Author : Mr. Alvar Kangur,Niki Kalavrezou,Mr. Daehaeng Kim
Publisher : International Monetary Fund
Page : 26 pages
File Size : 41,5 Mb
Release : 2021-07-16
Category : Business & Economics
ISBN : 9781513588841

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Reforming the Greek Pension System by Mr. Alvar Kangur,Niki Kalavrezou,Mr. Daehaeng Kim Pdf

The Greek pension system has been costly, complex, and distortive, which has contributed to Greece’s fiscal problems and discouraged labor force participation. Several attempts to reform the system faltered due to lack of implementation, pushback by vested interests, and court rulings leading to reversals. A series of reforms introduced throughout 2015–17 unified benefit and contribution rules, removed several distortions and reduced fragmentation and costs. If fully implemented throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms faced setbacks and fell short of creating stronger incentives to build long contribution histories, to deliver sustainable growth by improving the fiscal policy mix, and to ensure fairness and equitable burden sharing across generations and interest groups. Policy priorities should aim towards fully implementing the 2015–17 reforms and complementing them with additional reforms to address these remaining objectives.

External Performance in Low-Income Countries

Mr.Alessandro Prati,Mr.Luca Antonio Ricci,Lone Engbo Christiansen,Mr.Stephen Tokarick,Mr.Thierry Tressel
External Performance in Low Income Countries Book PDF

Author : Mr.Alessandro Prati,Mr.Luca Antonio Ricci,Lone Engbo Christiansen,Mr.Stephen Tokarick,Mr.Thierry Tressel
Publisher : International Monetary Fund
Page : 72 pages
File Size : 50,6 Mb
Release : 2011-03-15
Category : Business & Economics
ISBN : 9781616350536

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External Performance in Low-Income Countries by Mr.Alessandro Prati,Mr.Luca Antonio Ricci,Lone Engbo Christiansen,Mr.Stephen Tokarick,Mr.Thierry Tressel Pdf

Assessments of exchange rate misalignments and external imbalances for low-income countries are challenging because methodologies developed for advanced and emerging economies cannot be automatically applied to poorer nations. This paper uses a large database, unique in the set of indicators and number of countries it covers, to estimate the relationship in low-income countries between a set of fundamentals in the medium to long term and the real effective exchange rate, the current account, and the net external assets position.

Demographics, Pension Systems and the Saving-Investment Balance

Hua Chai,Jun Il Kim
Demographics Pension Systems and the Saving Investment Balance Book PDF

Author : Hua Chai,Jun Il Kim
Publisher : International Monetary Fund
Page : 21 pages
File Size : 41,8 Mb
Release : 2018-12-07
Category : Business & Economics
ISBN : 9781484385876

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Demographics, Pension Systems and the Saving-Investment Balance by Hua Chai,Jun Il Kim Pdf

This paper studies the effect of demographic change on national saving, global interest rates, and international capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations model to illustrate the channels through which demographic variables and pension system generosity interact to affect both private and public saving behavior. We then extend this framework to a two-country setting and simulate scenarios of demographic change and pension reform. We find that the generosity of the pension system plays an important role in determining the movement of the global interest rate and patterns of international capital flows.

Finance & Development, March 2013

International Monetary Fund
Finance Development March 2013 Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 60 pages
File Size : 45,7 Mb
Release : 2013-02-28
Category : Business & Economics
ISBN : 9781475542684

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Finance & Development, March 2013 by International Monetary Fund Pdf

Two years ago, citizens in the Arab world—fired by their ideals and visions of a better life—ignited a social movement that inspired people around the globe. In Egypt, Jordan, Libya, Morocco, Tunisia, and Yemen—the so-called Arab countries in transition—people embraced change, ushering in a new era. This issue of F&D looks at the difficulties of this transition, focusing on long-standing forces that shape the region’s economy and offering options for moving ahead to achieve strong, inclusive growth. • Masood Ahmed, Director of the IMF’s Middle East and Central Asia Department, maps out an agenda for modernizing and diversifying the region’s economies in “Toward Prosperity for All.” • In “Freedom and Bread Go Together,” Marwan Muasher addresses the intersection of economic progress and political change. • Vali Nasr, in a Point of View column, underscores the vital role small and medium-sized enterprises play in a successful democratic transition. Elsewhere in this issue, we look at how surging oil and gas production in the United States could shake up global energy markets; the effect of uncertainty on economic growth; and Mexico’s competitiveness rebound. F&D's People in Economics series profiles Christina Romer, former chair of the U.S. Council of Economic Advisers and an architect of the U.S. stimulus package; and the latest installment in our Back to Basics series explains how structural policies help to both stabilize and strengthen economies.

Economic Challenges of Pension Systems

Marta Peris-Ortiz,José Álvarez-García,Inmaculada Domínguez-Fabián,Pierre Devolder
Economic Challenges of Pension Systems Book PDF

Author : Marta Peris-Ortiz,José Álvarez-García,Inmaculada Domínguez-Fabián,Pierre Devolder
Publisher : Springer Nature
Page : 487 pages
File Size : 49,6 Mb
Release : 2020-03-20
Category : Business & Economics
ISBN : 9783030379124

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Economic Challenges of Pension Systems by Marta Peris-Ortiz,José Álvarez-García,Inmaculada Domínguez-Fabián,Pierre Devolder Pdf

This book examines the major economic challenges associated with the sustainability of public pensions, specifically demographic change, labor-market relations, and risk sharing. The issue of public pensions occupies the political and economic agendas of many major governments in the world. International organizations such as the World Bank and the OECD warn that the economic changes driven by an aging society negatively affects the sustainability of pension systems. This book analyzes different global public pension systems to offer policies, methods and tools for sustainable public pensions. Real case studies from France, Sweden, Latin America, Algeria, USA and Mexico are featured.