Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

The finances of the Czech pension system have deteriorated markedly in recent years and the aging population will add further strains in the future. The system is also burdened by significant distortions and disincentive effects. This paper assesses the current pay-as-you-go (PAYG) system, including its long-run viability, and discusses reform options. It concludes that alterations to the basic PAYG parameters can go a long way toward addressing the problems, although more systemic changes—such as pre-funding, strengthening the link between contributions and benefits, and diverting part of the pension contributions to a mandatory, private pension savings pillar—could also help.

Labor --- Public Finance --- Demography --- Fiscal Policy --- Social Security and Public Pensions --- Nonwage Labor Costs and Benefits --- Private Pensions --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Retirement --- Retirement Policies --- Wages, Compensation, and Labor Costs: General --- Pensions --- Labour --- income economics --- Population & demography --- Pension spending --- Aging --- Wages --- Population aging --- Czech Republic --- Income economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

This paper investigates the long-run pattern of private saving in Indonesia, Malaysia, Singapore, and Thailand. These countries have not only maintained saving levels that are currently among the highest in the world but have also experienced a sustained increase in their rate of private saving over the past twenty years. Using a cointegration approach, this paper empirically examines the economic determinants underlying the saving trends in this group and the extent to which these countries share a common experience with respect to the factors accounting for their strong saving performance. The findings suggest that demographic shifts have been an important factor underlying regional saving trends with a similar long-run impact in each country, except for Indonesia where the effects of demographics have been even more pronounced.

Macroeconomics --- Demography --- Macroeconomics: Consumption --- Saving --- Wealth --- Social Security and Public Pensions --- Demographic Trends, Macroeconomic Effects, and Forecasts --- Personal Income, Wealth, and Their Distributions --- Aggregate Factor Income Distribution --- Demographic Economics: General --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Population & demography --- Private savings --- Disposable income --- Income --- Population and demographics --- Aging --- National accounts --- Saving and investment --- National income --- Population --- Population aging --- Singapore

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Despite their increasing fiscal burden, the public pension systems of BRO countries are failing to provide adequate social protection. Although there is a broad consensus about the need for pension reforms, BRO countries are debating whether to embark on systemic reforms or whether to correct the distortions in their pay-as-you-go (PAYG) pension systems. The paper reviews the measures taken by BRO countries during the transition period to address their pension problems and examines the options for further reform. It makes a strong case for a gradual reform approach aimed at establishing a multi-pillar system over the long run, but initially focused on implementation of “high-quality” reforms of the PAYG system.

Labor --- Public Finance --- Demography --- Social Security and Public Pensions --- Comparative Studies of Countries --- Nonwage Labor Costs and Benefits --- Private Pensions --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Retirement --- Retirement Policies --- Pensions --- Population & demography --- Labour --- income economics --- Pension spending --- Aging --- Pension reform --- Expenditure --- Population and demographics --- Population aging --- Kazakhstan, Republic of --- Income economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Migrants, being relatively low earners, are net beneficiaries of the welfare state. However, this paper uses a dynamic model to show that because of migrants’ positive influence on the pension system, which is an important pillar of any welfare state, migration could be beneficial to all income (high and low) and age (old and young) groups.

Labor --- Macroeconomics --- Public Finance --- Demography --- Emigration and Immigration --- International Migration --- Social Security and Public Pensions --- Demand and Supply of Labor: General --- Labor Economics: General --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Pensions --- Migration, immigration & emigration --- Labour --- income economics --- Population & demography --- Pension spending --- Migration --- Labor supply --- Aging --- Emigration and immigration --- Labor market --- Labor economics --- Population aging --- Income economics

Choose an application

• Reference Manager
• EndNote
• RefWorks (Direct export to RefWorks)

Demographic pressures will materialize in many economies over the next few decades. We examine the macroeconomic impact of alternative fiscal adjustment and structural reform strategies to address these global aging pressures using the IMF's Global Fiscal Model (GFM). The results suggest substantial spillover effects of aging through international financial channels. To maintain sustainability, fiscal adjustment needs to be broad-based, while avoiding increases in direct taxes. There are substantial benefits from fiscal cooperation, while negative growth effects can be offset by complementary structural reforms in product and labor markets with the benefits accruing early and to all incomegroups.

Labor --- Macroeconomics --- Public Finance --- Demography --- Fiscal Policy --- Demand and Supply of Labor: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Economics of the Elderly --- Economics of the Handicapped --- Non-labor Market Discrimination --- Labour --- income economics --- Population & demography --- Fiscal consolidation --- Labor supply --- Consumption --- Aging --- Fiscal policy --- Labor market --- Economics --- Population aging --- Germany --- Capital movements --- Population --- Saving and investment --- Structural adjustment (Economic policy) --- Economic aspects --- Econometric models. --- Income economics