Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/26617
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dc.contributor.authorSchneider, Ondřejen_US
dc.date.accessioned2009-03-17en_US
dc.date.accessioned2009-07-28T08:49:00Z-
dc.date.available2009-07-28T08:49:00Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/26617-
dc.description.abstractThis paper analyzes pension reforms in Europe and their determinants. As pension reforms are intrinsically difficult to define and pinpoint, we introduce an alternative measure of pension reforms by comparing long-term forecasts of pension expenditures for seventeen European countries. The larger the decrease in expected spending on public pensions in 2050 between two base years, the more successful a pension reform the country achieved (after controlling for other factors, such as demography). Our analysis shows that the reform effort varies widely across countries and over time. Indeed, only three countries in the EU managed to reduce their expected spending on pensions in both reference periods. In the second part of the paper, we analyze factors that may facilitate or hamper pension reform quality of fiscal institutions, public debt, trade unions' influence, and also demographic factors. Only the measure of trade union power proves to be significant in explaining pension reforms. Other factors, such as quality of fiscal institutions, size of the existing funded pillar, public debt or recent demographic developments, do not seem to play a significant role. However, specific pension system factors most significantly the lagged change in pension expenditures are significant and suggest that European governments do reform their pension systems when faced with the threat of escalating pension expenditures. In conclusion, we propose a hypothesis of bounded” economic rationale of European governments, as they seem to react to expectations of an increase in pension spending, but they seem to be content with the current spending levels. The appendix gives detailed information on pension reforms in the ten Central and Eastern European countries that became EU members in 2004 and 2007 (EU-10).en_US
dc.language.isoengen_US
dc.publisher|aCenter for Economic Studies and Ifo Institute (CESifo) |cMunichen_US
dc.relation.ispartofseries|aCESifo working paper|x2572en_US
dc.subject.jelD72en_US
dc.subject.jelH55en_US
dc.subject.jelP26en_US
dc.subject.ddc330en_US
dc.subject.keywordPension systemen_US
dc.subject.keywordEuropean Unionen_US
dc.subject.keywordpension reformen_US
dc.subject.keywordfiscal institutionsen_US
dc.subject.stwGesetzliche Rentenversicherungen_US
dc.subject.stwRentenreformen_US
dc.subject.stwRentenfinanzierungen_US
dc.subject.stwÖffentliche Sozialausgabenen_US
dc.subject.stwBevölkerungsökonomieen_US
dc.subject.stwPublic Choiceen_US
dc.subject.stwGewerkschaftlicher Organisationsgraden_US
dc.subject.stwEU-Staatenen_US
dc.subject.stwEU-Staaten (Osteuropa)en_US
dc.titleReforming pensions in Europe: economic fundamentals and political factorsen_US
dc.type|aWorking Paperen_US
dc.identifier.ppn593925831en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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