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Transition To A Fully Funded Pension System
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Book Synopsis Transition to a Fully Funded Pension System by : Martin S. Feldstein
Download or read book Transition to a Fully Funded Pension System written by Martin S. Feldstein and published by . This book was released on 1997 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a relatively nontechnical discussion of the effects of shifting from a pay-as-you-go system of Social Security pensions to a fully funded plan based on individual accounts. The analysis discusses the rationale for such a shift and deals with five common problems: (1) the nature of the transition path; (2) the effect of the shift on national saving and capital accumulation; (3) the rate of return that such accounts would earn; (4) the risks of unfunded and funded systems; and (5) the distributional effects of the shift.
Book Synopsis Transition from a Pay-as-you-go to a Fully-funded Pension System by : Johann K. Brunner
Download or read book Transition from a Pay-as-you-go to a Fully-funded Pension System written by Johann K. Brunner and published by . This book was released on 1993 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Transition from a pay-as-you-go to a fully-funded pension system by : Johann Kurt Brunner
Download or read book Transition from a pay-as-you-go to a fully-funded pension system written by Johann Kurt Brunner and published by . This book was released on 1993 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent contributions to the theory of public pension systems it was argued that a Pareto-improving transition from an established unfunded pension system to a funded one is possible. This result is derived in an overlapping-generations model with identical individuals. In the present study an extended model, with differing individuals, of an intragenerationally fair unfunded pension scheme is introduced. Within this more realistic framework it is shown that, in general, a Pareto-improving transition to a funded system is not possible, because any instrument applied for the financing of pensions in the phase of transition involves intragenerational redistribution.
Download or read book Switching written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Transition to a full funded pension system by : Martin Feldstein
Download or read book Transition to a full funded pension system written by Martin Feldstein and published by . This book was released on 1997 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Role of Choice in the Transition to a Funded Pension System by : Robert J. Palacios
Download or read book The Role of Choice in the Transition to a Funded Pension System written by Robert J. Palacios and published by . This book was released on 1998 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pension Developments and Reforms in Transition Economies by : Mr.M. Cangiano
Download or read book Pension Developments and Reforms in Transition Economies written by Mr.M. Cangiano and published by International Monetary Fund. This book was released on 1998-10-01 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews developments in pension systems in 11 transition economies during the 1990s, highlighting the forces behind their rapid weakening. It focuses on the challenges these systems face—including those arising from demographic factors—and discusses why most transition countries are considering shifting, or have already shifted, from traditional defined-benefit pay-as-you-go systems to defined-contribution fully funded systems. Finally, the paper looks at the main options that arise in introducing fully funded components, including the relative mix between funding and pay-as-you-go, and the speed of the transition toward the new system.
Book Synopsis Assessing Chile's Pension System: Challenges and Reform Options by : Samuel Pienknagura
Download or read book Assessing Chile's Pension System: Challenges and Reform Options written by Samuel Pienknagura and published by International Monetary Fund. This book was released on 2021-09-10 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chile’s pension system came under close scrutiny in recent years. This paper takes stock of the adequacy of the system and highlights its challenges. Chile’s defined contribution system was quite influential when introduced, and was taken as an example by other countries. However, it is now delivering low replacement rates relative to OECD peers, as its parameters did not adapt over time to changing demographics and global returns, while informality persists in the labor market. In the absence of reforms, the system’s inability to deliver adequate outcomes for a large share of participants will continue to magnify, as demographic trends and low global interest rates will continue to reduce replacement rates. In addition, recent legislation allowing for pension savings withdrawals to counter the effects from the COVID-19 pandemic, is projected to further reduce replacement rates and increase fiscal costs. A substantial improvement in replacement rates is feasible, via a reform that raises contribution rates and the retirement age, coupled with policies that increases workers’ contribution density.
Book Synopsis On the Financial Sustainability of Earnings-related Pension Schemes with "pay-as-you-go" Financing and the Role of Government Indexed Bonds by : David A. Robalino
Download or read book On the Financial Sustainability of Earnings-related Pension Schemes with "pay-as-you-go" Financing and the Role of Government Indexed Bonds written by David A. Robalino and published by World Bank Publications. This book was released on 2012 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of an earnings-related pension system with pay-as-you-go financing. The authors show that current proxies for the sustainable rate, including the Swedish "gyroscope," are not stable and propose an alternative measure that depends on the growth of the buffer-stock and the pay-as-you-go asset. Using a simple one-sector macroeconomic model that embeds a notional account pension system they then show how GDP indexed government bonds, if combined with the right measure for the sustainable rate of return on contributions, could be used to generate a sustainable and secure earnings-related pension system, without becoming a fiscal burden. The proposal is particularly attractive for countries considering reforms to earnings-related systems that have accumulated a large implicit pension debt. In this case, the government bonds allow the financing of this debt in a transparent way. The proposed mechanism can also facilitate the transition to a fully-funded pension system when the government bonds are allowed to be traded. "--World Bank web site.
Book Synopsis Transition to Fully Funded Pension Schemes by : Sergio Cesaratto
Download or read book Transition to Fully Funded Pension Schemes written by Sergio Cesaratto and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper critically examines the dominant neoclassical views on the adoption of mandatory Fully Funded (FF) pension schemes as a partial or complete substitute for the unfunded Pay-as-you-go (PAYG) type. According to this view, such a transition will have the positive real effect of endowing future generations with higher capital and output per head, since it should cause a once and for all increase in aggregate saving and the capital stock. This would prepare the economy for future demographic developments. We examine three obstacles to such a claim. To begin with, the reform may fail to boost workers' marginal propensity to save, since workers may contract their voluntary saving to compensate for the larger mandatory saving to FF schemes. Second, if PAYG's payroll contributions are reduced and diverted to Pension Funds, the larger private saving supply will be balanced by lower government saving, if the government is committed to honouring the current pension payments. Third, Keynes's saving paradox, reinforced by the capital theory critique inspired by Sraffa, shows that the rise in the marginal propensity to save does not result in an increase in capital accumulation, but rather in a fall in income and employment.
Download or read book Switching written by Weltbank and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The transition from a wholly public, pay-as-you go pension system to one where pensions are also provided by individual, privately managed pension accounts does not directly affect those receiving pensions at the time of the reform. Nevertheless, it could affect all current and future workers. A critical policy choice is whether these workers should be allowed, encouraged or forced to divert their pension contributions to the new private element. The note continues with an in depth analysis of the spectrum of switching strategies; and further, describes the objectives of a successful reform. First, the new scheme should aim to provide a reasonable level of retirement income. Secondly, the benefit level must be consistent with long-run fiscal policy. The diversion of payroll taxes from financing current pay-as-you-go pensions into the funded scheme will increase deficits at first, so short-term fiscal constraints are also important. Thirdly, pension reform has microeconomic objectives: improve the workings of capital and labor markets. Finally, the reform must be politically palatable. Some of the note conclusions are : older workers are best excluded from reforms, because there is little time to build substantial funds in the new private scheme; a mandatory cut-off age is arbitrary and leads to political or legal challenges; and Governments can and should manage the switching process, by altering incentives and ensuring people make informed choices.
Book Synopsis Comments on Cesaratto's 'Transition to Fully Funded Pension Schemes by : Thomas R. Michl
Download or read book Comments on Cesaratto's 'Transition to Fully Funded Pension Schemes written by Thomas R. Michl and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Cesaratto's critique of the neoclassical approach to pension reform is valuable, but he has overextended his argument in applying it to proposals to use pre-funding as a mechanism for achieving greater public ownership and for redistributing wealth progressively. The fiscal surpluses needed to pre-fund the public pension system could increase investment, provided that they are offset by an appropriately stimulating monetary policy. The post-Keynesian investment literature descending from Kalecki's principle of increasing risk motivates on non-neoclassical grounds the interest sensitivity of investment required to make this policy mix effective.
Book Synopsis Reforming Pensions in Developing and Transition Countries by : K. Hujo
Download or read book Reforming Pensions in Developing and Transition Countries written by K. Hujo and published by Springer. This book was released on 2014-08-22 with total page 211 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book moves beyond technical studies of pension systems by addressing the political economy of pension reform in different contexts. It provides insights into key issues related to pension policy and its developmental implications, drawing on selected country studies in Africa, Asia, Eastern Europe, the Middle East, and Latin America.
Book Synopsis Transition Paths and Social Security Reform by : John Laitner
Download or read book Transition Paths and Social Security Reform written by John Laitner and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: A basic difference between a pay-as-you-go (PAYGO) public pension system and one with fully funded private accounts lies in the startup. From its inception, a PAYGO system can pass contributions from current workers to current retirees. A funded system must either spend decades accumulating tax revenues before beginning benefit payments, or society must provide external funds to create the system's initial account balances. This paper shows that the same logic governs reform of a PAYGO into a private account system. Presuming that only the second procedure above is feasible for reform, one would have to find external funds to create initial account balances. After that step, the new system could be autonomously viable.
Book Synopsis On Economic Benefits and Fiscal Requirements of Moving from Unfunded to Funded Pensions by : Robert Holzmann
Download or read book On Economic Benefits and Fiscal Requirements of Moving from Unfunded to Funded Pensions written by Robert Holzmann and published by . This book was released on 1997 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explains the costs and benefits of moving from an unfunded "pay-as- you-go" pension system with defined benefits to a partially or fully funded system with defined contributions. Concludes with an analysis of the Chilean experience in making the transition to a funded system.
Book Synopsis Pension Developments and Reforms in Transition Economies by : Marco Cangiano
Download or read book Pension Developments and Reforms in Transition Economies written by Marco Cangiano and published by . This book was released on 2008 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews developments in pension systems in 11 transition economies during the 1990s, highlighting the forces behind their rapid weakening. It focuses on the challenges these systems face including those arising from demographic factors and discusses why most transition countries are considering shifting, or have already shifted, from traditional defined-benefit pay-as-you-go systems to defined-contribution fully funded systems. Finally, the paper looks at the main options that arise in introducing fully funded components, including the relative mix between funding and pay-as-you-go, and the speed of the transition toward the new system.
Book Synopsis Pension System Reform by : Carlos Sales-Sarrapy
Download or read book Pension System Reform written by Carlos Sales-Sarrapy and published by . This book was released on 1996 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper analyzes the Mexican pension reform of December 1995. Essentially, the reform substituted a defined-benefit pay-as-you-go system with a fully funded defined contribution system based" on individual accounts with a minimum pension guarantee provided by the government. Total contributions to the accounts will amount to 13.5 percent of the salary for the average worker plus 2.5 percent for disability and life insurance that will still be managed by the government's Social Security Institute (IMSS). The new system shares many common elements with other Latin American experiences. However, it shows some advantages and disadvantages with respect to them. Regarding the advantages, the new system completely substitutes the old system; administrative costs are reduced by limiting the number of transfers between pension fund managers to once per year; pension managers are allowed to operate several funds; the law does not establish a minimum guaranteed rate of return for pension funds; and there is a centralized contributions collector agency. Disadvantages include the prohibition of the funds from investing in foreign securities; the IMSS is the sole provider of disability and life insurance; the IMSS will be able to operate a pension fund manager; the housing subaccount offers low returns; there are market share limits; and the new system still faces some portability problems. Finally, we found that the fiscal cost of the transition to the new system is relatively low compared to similar reforms in other Latin American countries
