English, Article edition: PENSION REFORM IN THE CZECH REPUBLIC: A SWITCH TO MIXED SYSTEM WITH REGARD FOR LIMITS OF FISCAL POLICY David Marek; 110 00 Praha 1 (marek@patria.cz)

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Bookmark: http://trove.nla.gov.au/version/198022
Physical Description
  • article
Language
  • English

Edition details

Title
  • PENSION REFORM IN THE CZECH REPUBLIC: A SWITCH TO MIXED SYSTEM WITH REGARD FOR LIMITS OF FISCAL POLICY
Author
  • David Marek
  • 110 00 Praha 1 (marek@patria.cz)
Physical Description
  • article
Notes
  • social security, public pensions, pension system, pay-as-you-go, overlapping-generations model, funded pillar, fiscal policy, ageing population
  • RePEc:prg:jnlpol:v:2008:y:2008:i:1:id:632:p:80-101
  • The Czech Republic is going to face ageing of its population. It will affect the economy in many ways. The pension system is one of them. This paper provides a view on possibilities how to insure long-term stability of the pension system in the Czech Republic using a mix of pay-as-you-go and fully funded system. Simulations are based on OLG model, long-term demographic forecast and limits of fiscal policy stemming from the necessity to fulfill Maastricht criteria and The Stability and Growth Pact. Those obligations creates a frontier for plausible solutions. Results suggest that it is possible to find a solution for mixed system providing more favorable conditions than purely parametric changes of PAYG. Taking into account fiscal limits, the contribution rate to the FF pillar would be similar to the rates in other CEE countries where pension reform already started.
  • fiscal policy, social security, pension system, funded pillar, pay-as-you-go, public pensions, overlapping-generations model, ageing population
Language
  • English
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