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Macroeffects of combined indexation

In: Modeling Pension Systems

Author

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  • András Simonovits

    (Hungarian Academy of Scientists)

Abstract

The indexation of benefits to wages has attractive features (see Chapter 4 above). There is an international trend, however, to replace wage indexation with price indexation or, as a compromise, with combined wage and price indexation (compare the Hungarian pension reform in Chapters 4, 9 and 18). In this Chapter, we shall show that this change yields only a temporary slow-down in the growth of total pension expenditures, and results in a step-by-step permanent relative deprivation of the older cohorts vis-a-vis workers. (Janos Reti called my attention to this apparently overlooked phenomenon and I express my gratitude to him here.)

Suggested Citation

  • András Simonovits, 2003. "Macroeffects of combined indexation," Palgrave Macmillan Books, in: Modeling Pension Systems, chapter 0, pages 139-143, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59769-3_15
    DOI: 10.1057/9780230597693_15
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