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A case for partial funding of pensions with an application to the EU Candidate Countries

Author

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  • Heikki Oksanen

Abstract

The paper examines the effects of ageing and makes a case for partial pre-funding of pensions. The argument is based on inter-generational fairness in a situation where pension expenditure as compared to wages increases due to low fertility and increasing longevity. We illustrate the approach by using data representing a typical EU Candidate Country of Central and Eastern Europe with a relatively high pension replacement rate. Pre-funding can take place within the public sector or in a privatised second pillar. We emphasise the need for a consistent framework to cover the many different institutional options available for pension financing.

Suggested Citation

  • Heikki Oksanen, 2001. "A case for partial funding of pensions with an application to the EU Candidate Countries," European Economy - Economic Papers 2008 - 2015 149, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:ecopap:0149
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    Citations

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    Cited by:

    1. Heikki Oksanen, 2001. "Pension Reforms for Sustainability and Fairness," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(4), pages 12-18, October.
    2. Oksanen, Heikki, 2003. "A nyugdíjreformtervek a jóléti államokban - öregedő népesség esetén [Pension-reform blueprints for welfare states under ageing populations]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 654-670.
    3. Evelin, Ahermaa & Luigi, Bernardi, 2004. "Tax polici in new EU members: Estonia and othr Baltic states," MPRA Paper 18158, University Library of Munich, Germany.
    4. K. Mc Morrow & W. Röger, 2002. "EU pension reform - An overview of the debate and an empirical assessment of the main policy reform options," European Economy - Economic Papers 2008 - 2015 162, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    5. Hans-Werner Sinn, 2005. "Europe’s Demographic Deficit A Plea For A Child Pension System," De Economist, Springer, vol. 153(1), pages 1-45, December.
    6. Heikki Oksanen, 2003. "Population ageing and public finance targets," European Economy - Economic Papers 2008 - 2015 196, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    7. Heikki Oksanen, 2001. "Pension Reforms for Sustainability and Fairness," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 2(04), pages 12-18, October.
    8. Sinn, Hans-Werner, 2005. "Europe's Demographic Deficit," Munich Reprints in Economics 934, University of Munich, Department of Economics.

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