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Pension reforms in the 1990s and during the financial crisis: More of the same?

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  • Grech, Aaron George

Abstract

Many EU countries have been carrying out substantial pension reforms since the mid-1990s. This article studies whether the reforms that were carried out in ten EU countries before and after the financial crisis of 2008 are different. This is done through an analysis of the different elements of these reforms and also by comparing entitlements of statutory pension systems after each set of reforms. The main conclusion is that the pre-crisis reforms were much stronger and had a more negative impact on women than the post-crisis reforms. It is harder to determine whether this represents a temporary break in the reform process or a permanent change in the orientation of pension reforms in these ten countries.

Suggested Citation

  • Grech, Aaron George, 2015. "Pension reforms in the 1990s and during the financial crisis: More of the same?," MPRA Paper 66894, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:66894
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    References listed on IDEAS

    as
    1. Ian Tower & Gregorio Impavido, 2009. "How the Financial Crisis Affects Pensions and Insurance and Why the Impacts Matter," IMF Working Papers 2009/151, International Monetary Fund.
    2. Grech, Aaron George, 2007. "Pension policy in EU25 and its impact on pension benefits," MPRA Paper 33669, University Library of Munich, Germany.
    3. Grech, Aaron George, 2010. "Assessing the sustainability of pension reforms in Europe," MPRA Paper 27407, University Library of Munich, Germany.
    4. Juan Yermo & Clara Severinson, 2010. "The Impact of the Financial Crisis on Defined Benefit Plans and the Need for Counter-Cyclical Funding Regulations," OECD Working Papers on Finance, Insurance and Private Pensions 3, OECD Publishing.
    5. Alfonso R. Sánchez, 2014. "The automatic adjustment of pension expenditures in Spain:an evaluation of the 2013 pension reform," Working Papers 1420, Banco de España.
    6. Annika Sundén, 2009. "The Swedish Pension System and the Economic Crisis," Issues in Brief ib2009-9-25, Center for Retirement Research, revised Dec 2009.
    7. OECD & Inter-American Development Bank & World Bank Group, 2014. "Pensions at a Glance : Latin America and the Caribbean," World Bank Publications - Books, The World Bank Group, number 21426.
    8. Giuseppe Carone, 2005. "Long-Term Labour Force Projections for the 25 EU Member States:A set of data for assessing the economic impact of ageing," Labor and Demography 0512006, University Library of Munich, Germany.
    9. Edward Whitehouse, 2009. "Pensions During the Crisis: Impact on Retirement Income Systems and Policy Responses," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 34(4), pages 536-547, October.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Social Security and Public Pensions; Retirement; Poverty; Retirement Policies;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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