S. Munz and M. Werding
Journal of Pension Economics and Finance, vol.4, 2005, p.181-207
Immigration is often thought of as a means of keeping unfunded public pension schemes solvent in the context of population ageing. Paper explores the conditions under which immigrants are a fiscal asset to national pension budgets both in the short term, i.e. while they are paying contributions but not drawing benefits, and in the long run. Illustrative simulations are provided for Germany, Italy, the UK and the USA. It turns out that the value of immigrants depends on the nature of the pension scheme (Bismarck vs Beveridge). It is also strongly affected by the immigrants' characteristics in terms of skills and fertility.
European Industrial Relations Review, issue 377, 2005, p.34-36
Article outlines the provisions of the 2004 reform of the Austrian pension system. The main points are: 1) introduction of a new individualised pension account for all workers; 2) reform of early retirement arrangements; and 3) harmonisation of pension arrangements to bring civil servants' entitlements into line with those of other workers.
G.V. Engelhardt and A. Kumar
Journal of Pension Economics and Finance, vol.4, 2005, p.155-179
The US President's Commission on Strengthening Social Security put forth three models for state pension reform, one of which specified that the federal government would match voluntary personal-account contributions. The impact of matching on personal-account participation is simulated for older workers (aged 40 to 65) in the first wave of the H.
R. Brooks and A. Razin (editors)
Cambridge: Cambridge University Press, 2005
As population aging has become increasingly acute in many countries, the debate over how to reform often creaking public pension systems has gathered momentum. This volume begins by examining the rationale behind why public pension systems were introduced originally - out of fear that individuals do not adequately save for retirement. It then systematically examines different aspects of reforming these systems. It covers the fiscal repercussions of reform, the implications of the Baby Boom for asset returns in the yeas ahead, the political economy of the reform process, and, finally, the risk-shattering implications that are inherent in reform.
Journal of European Public Policy, vol.12, 2005, p.733-750
The EU has entered the policy area of pension reform both indirectly through instruments designed to ensure fiscal stability and directly in the context of attempts at co-ordinating structural reform. A case study of attempts to reform the Greek pension system shows that the EU stimuli are limited in their nature and that entrenched institutional obstacles in domestic systems can readily thwart them. In Greece the will and capability for pension reform has been overcome by entrenched and powerful interest groups.