Publication:
The Inverting Pyramid : Pension Systems Facing Demographic Challenges in Europe and Central Asia

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dc.contributor.authorSchwarz, Anita M.
dc.contributor.authorArias, Omar S.
dc.contributor.authorZviniene, Asta
dc.contributor.authorRudolph, Heinz P.
dc.contributor.authorEckardt, Sebastian
dc.contributor.authorKoettl, Johannes
dc.contributor.authorImmervoll, Herwig
dc.contributor.authorAbels, Miglena
dc.contributor.authorArias, Omar
dc.date.accessioned2014-02-12T21:53:31Z
dc.date.available2014-02-12T21:53:31Z
dc.date.issued2014-02-12
dc.description.abstractPension systems in Europe and Central Asia are facing unprecedented demographic change. While many of the countries in the region have undertaken reforms when the economy faces difficult times, these reforms are frequently reversed when the economy improves. The demographic challenges that the region faces require a sustained effort toward changing the pension system toward something which provides adequate and sustainable benefits. The book documents the increased generosity of pension systems in Europe from their initial inception, noting that the current expectations of the public are based on the most recent round of generosity. The book seeks to show a nontechnical audience that such generosity is neither based on customary practice nor affordable in the future. The increased generosity in the past was only possible because the demographic pyramid was expanding, but as it inverts with fewer young people and more elderly, that generosity will no longer be affordable. Returning to the pension system of the 1970’s will go a long way toward providing adequate and sustainable benefits in the future. Moving to a more sustainable system will require reforms to labor markets, improvements in savings mechanisms, and may require additional public resources. The extent to which a country can undertake reforms in labor markets, savings, and public finances can influence the extent to which its pension system will have to change, with different solutions possible for different countries. But in all cases, the changes that need to be made have to be widely discussed and publicly accepted to prevent reversals. The book hopes to stimulate widespread public discussion of the issue to help countries make sustainable choices with gradual implementation, before they face such daunting challenges that they have to undertake sudden, harsh measures.en
dc.identifier.doi10.1596/978-0-8213-9908-8
dc.identifier.isbn978-0-8213-9908-8
dc.identifier.other10.1596/978-0-8213-9908-8
dc.identifier.urihttps://hdl.handle.net/10986/17049
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectaging
dc.subjectcontribution rate
dc.subjectcontribution rate second pillars
dc.subjectdemographic change
dc.subjectfiscal sustainability
dc.subjectlump of labor fallacy
dc.subjectmigration
dc.subjectnotional defined contribution
dc.subjectolder workers
dc.subjectpay as you go
dc.subjectpensions
dc.subjectretirement
dc.subjectsavings
dc.subjectsecond pillars
dc.subjectsocial insurance
dc.subjectsocial pension
dc.subjecttaxation
dc.subjecttraining
dc.subjectwork incentives
dc.subjectworking longer
dc.titleThe Inverting Pyramid : Pension Systems Facing Demographic Challenges in Europe and Central Asiaen
dspace.entity.typePublication
okr.date.disclosure2014-02-12
okr.doctypePublications & Research::Publication
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticeSocial Protection and Labor
okr.guid514831468029365694
okr.guid199141468030614548
okr.identifier.doi10.1596/978-0-8213-9908-8
okr.language.supporteden
okr.peerreviewAcademic Peer Review
okr.region.administrativeEurope and Central Asia
okr.region.geographicalEast Asia
okr.region.geographicalEurope and Central Asia
okr.region.geographicalEastern Europe
okr.sectorSocial protection and risk management :: Social safety nets
okr.topicFinance and Financial Sector Development::Contractual Savings
okr.topicFinance and Financial Sector Development::Public & Municipal Finance
okr.topicMacroeconomics and Economic Growth
okr.topicSocial Protections and Labor::Pensions & Retirement Systems
okr.unitECSHD
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relation.isAuthorOfPublication8f4d592c-612f-4e03-a4e4-9a29451411bb
relation.isAuthorOfPublication.latestForDiscovery21f6c4f6-d28e-593b-9319-412a8ae40efd
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