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A tőkefedezeti rendszer alapkérdéseinek új megközelítése
[A new approach to the basic issues raised by the PAYE system]

Author

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  • Mosolygó, Zsuzsa

Abstract

Az utóbbi időben élénk szakmai vita alakult ki a tőkefedezeti nyugdíjrendszerrel kapcsolatban. Ezek során még a második pillér megszüntetése is felvetődött. Ezért fontosnak tartjuk a tőkefedezeti rendszer alapkérdéseinek újragondolását. A tőkefedezeti nyugdíjpillér makrogazdasági megközelítése rávilágít arra, hogy a nyugdíjrendszer második pillére nem nyújt önmagában megoldást a társadalom elöregedésére. A nyugdíjasok fogyasztását ugyanis nemcsak a felosztó-kirovó, hanem a tőkefedezeti rendszerben is az aktív népesség megtakarításai fedezik, így komoly problémát jelent az aktív/nyugdíjas arány csökkenése. A részvény- és külföldi befektetések sem oldják meg az elöregedési problémát a tőkefedezeti rendszerben. Ez a rendszer sem képes elkerülni a demográfiai pilótajátékot, a nyugdíjasok számának drasztikus emelkedése ugyanis a felhalmozott vagyonokat elértékteleníti. A nyugdíjpénztárak meghatározó szereplői a belföldi tőkepiacnak, ezért magatartásuk befolyásolja az állampapírpiac helyzetét, a pénzügyi stabilitást, valamint a gazdaság finanszírozásán keresztül a gazdasági növekedést is. Ezért a befektetések rövid távú szemlélete komoly problémát jelent. Fontos kitörési pont lehet a hosszú távú befektetések (például közlekedés, energiaszolgáltatás, klímavédelem, oktatás, egészségügy) súlyának növelése. Journal of Economic Literature (JEL) kód: E24, E44, E66, F21, F36, G23, J14, H55.

Suggested Citation

  • Mosolygó, Zsuzsa, 2010. "A tőkefedezeti rendszer alapkérdéseinek új megközelítése [A new approach to the basic issues raised by the PAYE system]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 612-633.
    • Handle: RePEc:ksa:szemle:1181
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    References listed on IDEAS

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    Cited by:

    1. Szüle, Borbála, 2013. "Demográfiai hatások és implicit hozamok kapcsolata a nyugdíjrendszerekben [The relationship of demographic effects and implicit returns in pension systems]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 703-721.
    2. Mosolygó, Zsuzsa, 2011. "On the long-term trends of public debt – Implications of the government’s Ponzi game and ageing," Public Finance Quarterly, Corvinus University of Budapest, vol. 56(4), pages 446-473.

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    More about this item

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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