IDEAS home Printed from https://ideas.repec.org/p/ekd/006356/6993.html
   My bibliography  Save this paper

A Long-run Macroeconomic Model of the Slovak Republic (Long-term sustainability of the pension system)

Author

Listed:
  • Tomáš Domonkos
  • Štefan Domonkos
  • Miroslava Jánošová
  • Filip Ostrihoň

Abstract

Using a complex long-run growth model, this paper investigates the long-term sustainability of the pension system in the Slovak Republic. The long-run growth model employed in the paper is able to perform projections for several decades ahead, which is necessary for this type of analysis. The model is composed of seven interrelated blocks. Special attention is dedicated to the labour market, social security and public sector. Instead of econometric estimations, the parameters are calibrated in accordance with economic theory. As an empirical application, we assess the long-term sustainability of the Slovak multi-pillar pension system in its latest form. Subsequently, we compare the economic effects of various hypothetical amendments to the existing social security legislation in the Slovak Republic.

Suggested Citation

  • Tomáš Domonkos & Štefan Domonkos & Miroslava Jánošová & Filip Ostrihoň, 2014. "A Long-run Macroeconomic Model of the Slovak Republic (Long-term sustainability of the pension system)," EcoMod2014 6993, EcoMod.
    • Handle: RePEc:ekd:006356:6993
    as

    Download full text from publisher

    File URL: http://ecomod.net/system/files/ECOMOD_2014.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Balázs Égert, 2013. "The impact of changes in second pension pillars on public finances in Central and Eastern Europe: The case of Poland," Post-Print hal-01385931, HAL.
    2. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1994. "Generational Accounting: A Meaningful Way to Evaluate Fiscal Policy," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 73-94, Winter.
    3. Josef Baumgartner & Helmut Hofer & Serguei Kaniovski & Ulrich Schuh & Thomas Url, 2004. "A Long-run Macroeconomic Model of the Austrian Economy (A-LMM). Model Documentation and Simulations," WIFO Working Papers 224, WIFO.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. John Geanakoplos & Olivia S. Mitchell & Stephen P. Zeldes, "undated". "Would a Privatized Social Security System Really Pay a Higher Rate of Return?," Pension Research Council Working Papers 98-6, Wharton School Pension Research Council, University of Pennsylvania.
    2. Marco Bassetto, 2009. "The Research Agenda: Marco Bassetto on the Quantitative Evaluation of Fiscal Policy Rules," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 10(2), April.
    3. Raffelhüschen, Bernd & Hagist, Christian & Moog, Stefan & Vatter, Johannes, 2009. "Ehrbare Staaten? Die deutsche Generationenbilanz im internationalen Vergleich," Argumente zur Marktwirtschaft und Politik 107, Stiftung Marktwirtschaft / The Market Economy Foundation, Berlin.
    4. Dirk Niepelt, 2020. "Reserves for All? Central Bank Digital Currency, Deposits, and Their (Non)-Equivalence," International Journal of Central Banking, International Journal of Central Banking, vol. 16(3), pages 211-238, June.
    5. Raffelhüschen, Bernd & Seuffert, Stefan, 2020. "Ehrbarer Staat? Wege und Irrwege der Rentenpolitik im Lichte der Generationenbilanz," Argumente zur Marktwirtschaft und Politik 148, Stiftung Marktwirtschaft / The Market Economy Foundation, Berlin.
    6. Charles Ka Yui Leung & Joe Cho Yiu Ng & Edward Tang, 2020. "Why is the Hong Kong Housing Market Unaffordable? Some Stylized Facts and Estimations," Globalization Institute Working Papers 380, Federal Reserve Bank of Dallas.
    7. Akin Serife Nuray, 2012. "Immigration, Fiscal Policy, and Welfare in an Aging Population," The B.E. Journal of Macroeconomics, De Gruyter, vol. 12(1), pages 1-45, July.
    8. Martin Larch & João Nogueira Martins, 2007. "Fiscal indicators - Proceedings of the the Directorate-General for Economic and Financial Affairs Workshop held on 22 September 2006 in Brussels," European Economy - Economic Papers 2008 - 2015 297, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    9. Klaus Beckmann, 2000. "A Note on the Tax Rate implicit in Contributions to Pay-as-you-go Public Pension Systems," FinanzArchiv: Public Finance Analysis, Mohr Siebeck, Tübingen, vol. 57(1), pages 63-76, September.
    10. Raffelhüschen, Bernd, 2001. "Generational accounting: Quo vadis?," Discussion Papers 95, Albert-Ludwigs-Universität Freiburg, Institut für Finanzwissenschaft.
    11. Metzger, Christoph, 2016. "The German statutory pension scheme: Balance sheet, cross-sectional internal rates of return and implicit tax rates," FZG Discussion Papers 63, University of Freiburg, Research Center for Generational Contracts (FZG).
    12. repec:spo:wpmain:info:hdl:2441/9644 is not listed on IDEAS
    13. Serguei Kaniovski & Thomas Url & Helmut Hofer & Sandra Müllbacher, 2013. "A Long-run Macroeconomic Model of the Austrian Economy (A-LMM). New Results," WIFO Studies, WIFO, number 46830.
    14. Jackson, William A., 2001. "Age, Health and Medical Expenditure," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, pages 195-218.
    15. Stefan Moog & Christoph Müller, 2011. "Zur Erhöhung der Regelaltersgrenze in Deutschland: eine internationale Perspektive," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 80(2), pages 33-51.
    16. Christian vom Lehn & Eric Fisher & Aspen Gorry, 2018. "Male Labor Supply and Generational Fiscal Policy," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 28, pages 121-149, April.
    17. Feist, Karen & Krimmer, Pascal & Raffelhüschen, Bernd, 2001. "Intergenerative Effekte einer lebenszyklusorientierten Einkommensteuerreform: Die Einfachsteuer des Heidelberger Steuerkreises," Discussion Papers 98, Albert-Ludwigs-Universität Freiburg, Institut für Finanzwissenschaft.
    18. Timothy C. Irwin, 2015. "Defining The Government'S Debt And Deficit," Journal of Economic Surveys, Wiley Blackwell, vol. 29(4), pages 711-732, September.
    19. Stefan Domonkos & Andras Simonovits, 2016. "Pensions in transition in EU11 countries between 1990 and 2015," CERS-IE WORKING PAPERS 1615, Institute of Economics, Centre for Economic and Regional Studies.
    20. Josef Baumgartner & Helmut Hofer & Serguei Kaniovski & Ulrich Schuh & Thomas Url, 2006. "Employment and growth in an aging society: a simulation study for Austria," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 33(1), pages 19-33, March.
    21. Davig, Troy & Leeper, Eric M. & Walker, Todd B., 2010. ""Unfunded liabilities" and uncertain fiscal financing," Journal of Monetary Economics, Elsevier, vol. 57(5), pages 600-619, July.

    More about this item

    Keywords

    Slovak Republic; Public finance and tax issues; Impact and scenario analysis;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ekd:006356:6993. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Theresa Leary (email available below). General contact details of provider: https://edirc.repec.org/data/ecomoea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.