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Long-Term Global Trends in Pension Policy

Author

Listed:
  • Evsey T. Gurvich

    (Economic Expert Group, Moscow 109012, Russian Federation; Financial Research Institute, Moscow 127006, Russian Federation)

Abstract

The paper considers the evolution of pension policy in both developed and developing countries over the last 50 years. It demonstrates that drastic changes occurred in this area at the turn of the century, most likely explained with expectations of a marked acceleration in population aging. Reforms in the 1980s and 1990s were aimed mainly at increasing pension coverage and pension size adequacy, while in the last two decades priority generally shifted to ensuring long-term financial sustainability of pension systems. Pension reforms are becoming more and more common, and preventing further growth of public spending on pension is now their most prevalent objective, raising the retirement age being a major tool for addressing this task. Worth noting is also gradual expansion of a relatively new mechanism, namely defined contribution pension systems (including both funded and unfunded schemes). We assume that these trends taken together evidence a clear turn from extensive to intensive pension policy in the world.

Suggested Citation

  • Evsey T. Gurvich, 2019. "Long-Term Global Trends in Pension Policy," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 6, pages 9-26, December.
    • Handle: RePEc:fru:finjrn:190601:p:9-26
    DOI: 10.31107/2075-1990-2019-6-9-26
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    References listed on IDEAS

    as
    1. Evsey T. Gurvich & Maria A. Ivanova, 2018. "Economic Effect of Population Ageing and Pension Reforms," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 5, pages 9-22, October.
    2. Robert Holzmann, 2013. "Global pension systems and their reform: Worldwide drivers, trends and challenges," International Social Security Review, John Wiley & Sons, vol. 66(2), pages 1-29, April.
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    5. Huixin Bi & Kevin Hunt & Sarah Zubairy, 2019. "Implementation Delays in Pension Retrenchment Reforms," Economic Review, Federal Reserve Bank of Kansas City, issue Q II, pages 53-70.
    6. Jan Bonenkamp & Lex Meijdam & Eduard Ponds & Ed Westerhout, 2017. "Ageing-driven pension reforms," Journal of Population Economics, Springer;European Society for Population Economics, vol. 30(3), pages 953-976, July.
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    More about this item

    Keywords

    pension reforms; population aging; retirement age; pension systems; long-term fiscal sustainability;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J18 - Labor and Demographic Economics - - Demographic Economics - - - Public Policy
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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