Gál, Róbert I.Simonovits, AndrásTarcali, Géza2014-09-172014-09-172001-10https://hdl.handle.net/10986/20233The essence of generational accounting is to break down total net contributions in a given year to each cohort and to project this profile into the future. Using additional assumptions on the discount rate and the growth of productivity and population, the per capita net contribution of future generations can be determined, which satisfies the inter-temporal budget constraint. Generational accounts in the Hungarian pension system show that the 1997 reform package significantly reduced the financial tension generated by demographic and institutional factors.en-USCC BY 3.0 IGOACCOUNTINGACCOUNTINGSACCRUAL RATEACCRUAL RATESANNUAL RETURNSANNUITIESBENEFICIARIESBENEFIT FORMULABENEFIT PAYMENTBEQUESTSBUDGET CONSTRAINTBUDGET DEFICITCOMPENSATIONCONTRIBUTION RATEDEBT BURDENDEFICIT FINANCINGDEFICITSDEFINED BENEFITDEFINED BENEFIT PLANDEMOGRAPHICDISABILITYDISABILITY PENSIONSDISBURSEMENTSDISCOUNT RATEDISCOUNT RATESELDERLYFEMALEFERTILITYFINANCIAL CRISISFISCAL BALANCEFISCAL POLICYFULL EMPLOYMENTFUNDED SCHEMEGENERATIONAL ACCOUNTGENERATIONAL ACCOUNTINGGENERATIONAL ACCOUNTINGSGENERATIONAL ACCOUNTSGOVERNMENT BONDSGOVERNMENT BUDGETGOVERNMENT DEBTGOVERNMENT EXPENDITURESGOVERNMENT GUARANTEEGOVERNMENT SUBSIDIESGROSS WAGEGROSS WAGESGROWTH RATEHEALTH CAREHUMAN DEVELOPMENTHUMAN RESOURCESIMPLICIT DEBTIMPLICIT PENSION DEBTINCOME GROWTHINCOME TAXINCOMESINDEBTEDNESSINDIVIDUAL ACCOUNTSINFLATIONINSURANCEINTEREST RATESINTERGENERATIONAL TRANSFERSINTERNATIONAL DEVELOPMENTLABOR INCOMELABOR MARKETLEGISLATIONLIFE EXPECTANCYLIFE INSURANCELONG-TERM GOVERNMENT SECURITIESLONGEVITY RISKSMANDATORY RETIREMENTMATERNITY LEAVEMATURITYNATIONAL PENSIONNET WAGESOLD -AGE PENSIONSOLD-AGE PENSIONOUTPUTPARTIAL INDEXATIONPAYROLL TAXESPENSIONPENSION ACCOUNTPENSION ACCOUNTSPENSION ADMINISTRATIONPENSION BASEPENSION BENEFITSPENSION CONTRIBUTIONPENSION CONTRIBUTIONSPENSION FORMULAPENSION FUNDPENSION FUND MEMBERSPENSION FUNDSPENSION INSURANCEPENSION LAWPENSION REFORMPENSION SYSTEMPENSION SYSTEMSPENSIONERPENSIONERSPENSIONSPERSONAL INCOMEPOLITICAL RISKPOLITICAL RISKSPRIVATE MANAGEMENTPRIVATE PENSIONPRIVATE PENSION FUNDSPRIVATE PENSIONSPRIVATE PILLARPRIVATE SAVINGSPRIVATIZATIONPUBLIC FINANCEPUBLIC FINANCESPUBLIC GOODPUBLIC GOODSPUBLIC INVESTMENTSPUBLIC PENSIONPUBLIC PILLARPUBLIC SYSTEMRATE OF RETURNRATES OF RETURNREAL INTERESTREAL INTEREST RATEREAL TERMSREPLACEMENT RATEREPLACEMENT RATESRESERVERETIREMENT AGERETIREMENT PHASERETIREMENT SYSTEMRETIREMENTSRETURNRETURNSRISK AVERSIONSEXESSOCIAL PROTECTIONSOCIAL SECURITYSOCIAL SECURITY CONTRIBUTIONSSOCIAL SECURITY SYSTEMSOCIAL SECURITY SYSTEMSSOCIAL WELFARESTOCK EXCHANGESUSTAINABLE GROWTHTAXTAX RATEWILL10.1596/20233