Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms

The reform of public pension systems and, more generally, the review of old-age income support are on the reform agenda worldwide. The reform discussion is more intense in countries where population aging is well advanced, including the member coun...

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Main Authors: Holzmann, Robert, MacKellar, Landis, Repansek, Jana
Format: Publication
Language:English
Published: World Bank 2012
Subjects:
TAX
Online Access:http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090127222204
http://hdl.handle.net/10986/2587
id okr-10986-2587
recordtype oai_dc
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
topic AGE-EARNINGS
AGE-EARNINGS PROFILES
ASSET ALLOCATION
ASSET CLASS
ASSET PORTFOLIO
ASSET VALUE
AVERAGE EARNINGS
BALANCE SHEETS
BANKS
BENEFICIARIES
BENEFIT FORMULA
BEST PRACTICE
CALCULATION
CALCULATIONS
CAPITAL MARKET
CAPITAL MARKET DEVELOPMENT
CAPITAL MARKETS
CARE FOR CHILDREN
CENTRAL BANK
CENTRAL BANKS
CENTRAL DEPOSITORY
COMPULSORY CONTRIBUTIONS
CONTINGENCIES
CONTINGENT LIABILITIES
CONTRIBUTION
CONTRIBUTION RATE
CONTRIBUTIONS
CORPORATE BONDS
CURRENCY
CURRENT PENSION
DEPOSITS
DEPRECIATION
DISABILITIES
DISABILITY
DISABILITY BENEFITS
DISABILITY INSURANCE
DIVERSIFICATION
DIVORCE
DIVORCES
EARLIER RETIREMENT
EARLY RETIREMENT
EARNINGS
EARNINGS OF WOMEN
ECONOMIC ACTIVITY
EXCHANGE RATES
FAMILY STRUCTURES
FINANCES
FINANCIAL AFFAIRS
FINANCIAL ASSETS
FINANCIAL INCENTIVES
FINANCIAL INFRASTRUCTURE
FINANCIAL INSTRUMENTS
FINANCIAL LITERACY
FINANCIAL MARKET
FINANCIAL MARKET DEVELOPMENT
FINANCIAL MARKETS
FINANCIAL POLICY
FINANCIAL RISKS
FINANCIAL SECTOR
FINANCIAL SECTOR DEVELOPMENT
FINANCIAL SERVICES
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FUND ASSET
FUND ASSETS
FUND MANAGEMENT
FUTURE VALUES
GLOBALIZATION
GOVERNMENT POLICIES
GOVERNMENT POLICY
GROSS DOMESTIC PRODUCT
HOUSEHOLD APPLIANCES
HOUSEHOLD SAVINGS
IMPLICIT TAX
INCOME
INCOME REPLACEMENT
INCOME SOURCES
INDIVIDUAL ACCOUNTS
INDIVIDUAL PENSION
INDIVIDUAL RETIREMENT
INDIVIDUAL RETIREMENT ACCOUNTS
INDIVIDUAL SAVINGS
INTERNATIONAL BANK
INTERNATIONAL STANDARDS
INVESTING
INVESTMENT CLIMATE
INVESTMENT FUND
INVESTMENT PERFORMANCE
INVESTMENT REGULATIONS
INVESTMENT RETURNS
INVESTMENT STRATEGIES
INVESTMENT STRATEGY
LABOR FORCE
LABOR MARKET
LABOR MARKET PERSPECTIVE
LABOR MARKETS
LIFE EXPECTANCIES
LIFE EXPECTANCY
LIFE SPANS
LIFETIME
LONG-TERM CARE
MACROECONOMIC PERFORMANCE
MACROECONOMIC POLICY
MACROECONOMIC STABILITY
MANDATORY PENSION FUNDS
MARKET DEVELOPMENTS
MARKET ECONOMY
MARKET FAILURES
MARKET INTEGRATION
MARKET PARTICIPANTS
MARKET REFORM
MARKET REFORMS
MONETARY FUND
NATIONAL BANK
NET ASSET
OLD-AGE PENSION
OLD-AGE PENSIONS
OLDER WORKERS
PENSION
PENSION ASSETS
PENSION BENEFITS
PENSION COVERAGE
PENSION FUND
PENSION FUND ASSETS
PENSION FUNDS
PENSION ISSUES
PENSION PRODUCTS
PENSION PROVISION
PENSION REFORM
PENSION REFORM DEVELOPMENTS
PENSION REFORMS
PENSION RIGHTS
PENSION SAVINGS
PENSION SCHEME
PENSION SCHEMES
PENSION SPENDING
PENSION SYSTEM
PENSION SYSTEM REFORM
PENSION SYSTEMS
PENSIONERS
PENSIONS
PERSONAL SAVINGS
PORTFOLIOS
PRIMARY EDUCATION
PRIVATE PENSION
PRIVATE SAVING
PRIVATE SAVINGS
PROBABILITY
PRODUCTIVITY
PUBLIC BUDGET
PUBLIC DEBT
PUBLIC EXPENDITURE
PUBLIC EXPENDITURES
PUBLIC FINANCE
PUBLIC FINANCES
PUBLIC PENSION
PUBLIC PENSION SCHEMES
PUBLIC PENSIONS
RATES OF RETURN
REGULATORY FRAMEWORK
REPLACEMENT RATE
REPLACEMENT RATES
RETIRED
RETIRED WORKERS
RETIREMENT
RETIREMENT AGE
RETIREMENT AGES
RETIREMENT BENEFITS
RETIREMENT DECISIONS
RETIREMENT INCENTIVES
RETIREMENT INCOME
RETIREMENT INCOMES
RETIREMENT PENSION
RETIREMENT PRODUCTS
RETIREMENT PROGRAMS
RETIREMENT SAVINGS
RETIREMENT-INCOME
SAVERS
SAVINGS FOR RETIREMENT
SECURITIES
SENIOR
SEVERANCE PAY
SOCIAL EXCLUSION
SOCIAL INSURANCE
SOCIAL INSURANCES
SOCIAL PROTECTION
SOCIAL RISK MANAGEMENT
SOCIAL SECURITY
SOCIAL SECURITY CONTRIBUTIONS
SOCIAL WELFARE
SOURCES OF PENSION
SPECTRUM OF RISKS
STATE PENSION
STOCK EXCHANGE
STOCKS
SUPERVISORY AUTHORITY
TAX
TAX BENEFITS
TAX BREAKS
TAX RATES
TAX REGIME
TAX TREATMENT
TRANSACTION
TRANSITION ECONOMIES
TYPES OF PENSION
UNEMPLOYED
UNEMPLOYMENT
UNEMPLOYMENT BENEFITS
VALUABLE
WAGE
WAGE GAP
WAGES
WELFARE STATE
WITHDRAWAL
WORKING LIFE
WORKING LIVES
YEARLY SAVING
YOUNG ADULTS
YOUNG CHILDREN
YOUNGER WORKERS
spellingShingle AGE-EARNINGS
AGE-EARNINGS PROFILES
ASSET ALLOCATION
ASSET CLASS
ASSET PORTFOLIO
ASSET VALUE
AVERAGE EARNINGS
BALANCE SHEETS
BANKS
BENEFICIARIES
BENEFIT FORMULA
BEST PRACTICE
CALCULATION
CALCULATIONS
CAPITAL MARKET
CAPITAL MARKET DEVELOPMENT
CAPITAL MARKETS
CARE FOR CHILDREN
CENTRAL BANK
CENTRAL BANKS
CENTRAL DEPOSITORY
COMPULSORY CONTRIBUTIONS
CONTINGENCIES
CONTINGENT LIABILITIES
CONTRIBUTION
CONTRIBUTION RATE
CONTRIBUTIONS
CORPORATE BONDS
CURRENCY
CURRENT PENSION
DEPOSITS
DEPRECIATION
DISABILITIES
DISABILITY
DISABILITY BENEFITS
DISABILITY INSURANCE
DIVERSIFICATION
DIVORCE
DIVORCES
EARLIER RETIREMENT
EARLY RETIREMENT
EARNINGS
EARNINGS OF WOMEN
ECONOMIC ACTIVITY
EXCHANGE RATES
FAMILY STRUCTURES
FINANCES
FINANCIAL AFFAIRS
FINANCIAL ASSETS
FINANCIAL INCENTIVES
FINANCIAL INFRASTRUCTURE
FINANCIAL INSTRUMENTS
FINANCIAL LITERACY
FINANCIAL MARKET
FINANCIAL MARKET DEVELOPMENT
FINANCIAL MARKETS
FINANCIAL POLICY
FINANCIAL RISKS
FINANCIAL SECTOR
FINANCIAL SECTOR DEVELOPMENT
FINANCIAL SERVICES
FINANCIAL SYSTEM
FINANCIAL SYSTEMS
FUND ASSET
FUND ASSETS
FUND MANAGEMENT
FUTURE VALUES
GLOBALIZATION
GOVERNMENT POLICIES
GOVERNMENT POLICY
GROSS DOMESTIC PRODUCT
HOUSEHOLD APPLIANCES
HOUSEHOLD SAVINGS
IMPLICIT TAX
INCOME
INCOME REPLACEMENT
INCOME SOURCES
INDIVIDUAL ACCOUNTS
INDIVIDUAL PENSION
INDIVIDUAL RETIREMENT
INDIVIDUAL RETIREMENT ACCOUNTS
INDIVIDUAL SAVINGS
INTERNATIONAL BANK
INTERNATIONAL STANDARDS
INVESTING
INVESTMENT CLIMATE
INVESTMENT FUND
INVESTMENT PERFORMANCE
INVESTMENT REGULATIONS
INVESTMENT RETURNS
INVESTMENT STRATEGIES
INVESTMENT STRATEGY
LABOR FORCE
LABOR MARKET
LABOR MARKET PERSPECTIVE
LABOR MARKETS
LIFE EXPECTANCIES
LIFE EXPECTANCY
LIFE SPANS
LIFETIME
LONG-TERM CARE
MACROECONOMIC PERFORMANCE
MACROECONOMIC POLICY
MACROECONOMIC STABILITY
MANDATORY PENSION FUNDS
MARKET DEVELOPMENTS
MARKET ECONOMY
MARKET FAILURES
MARKET INTEGRATION
MARKET PARTICIPANTS
MARKET REFORM
MARKET REFORMS
MONETARY FUND
NATIONAL BANK
NET ASSET
OLD-AGE PENSION
OLD-AGE PENSIONS
OLDER WORKERS
PENSION
PENSION ASSETS
PENSION BENEFITS
PENSION COVERAGE
PENSION FUND
PENSION FUND ASSETS
PENSION FUNDS
PENSION ISSUES
PENSION PRODUCTS
PENSION PROVISION
PENSION REFORM
PENSION REFORM DEVELOPMENTS
PENSION REFORMS
PENSION RIGHTS
PENSION SAVINGS
PENSION SCHEME
PENSION SCHEMES
PENSION SPENDING
PENSION SYSTEM
PENSION SYSTEM REFORM
PENSION SYSTEMS
PENSIONERS
PENSIONS
PERSONAL SAVINGS
PORTFOLIOS
PRIMARY EDUCATION
PRIVATE PENSION
PRIVATE SAVING
PRIVATE SAVINGS
PROBABILITY
PRODUCTIVITY
PUBLIC BUDGET
PUBLIC DEBT
PUBLIC EXPENDITURE
PUBLIC EXPENDITURES
PUBLIC FINANCE
PUBLIC FINANCES
PUBLIC PENSION
PUBLIC PENSION SCHEMES
PUBLIC PENSIONS
RATES OF RETURN
REGULATORY FRAMEWORK
REPLACEMENT RATE
REPLACEMENT RATES
RETIRED
RETIRED WORKERS
RETIREMENT
RETIREMENT AGE
RETIREMENT AGES
RETIREMENT BENEFITS
RETIREMENT DECISIONS
RETIREMENT INCENTIVES
RETIREMENT INCOME
RETIREMENT INCOMES
RETIREMENT PENSION
RETIREMENT PRODUCTS
RETIREMENT PROGRAMS
RETIREMENT SAVINGS
RETIREMENT-INCOME
SAVERS
SAVINGS FOR RETIREMENT
SECURITIES
SENIOR
SEVERANCE PAY
SOCIAL EXCLUSION
SOCIAL INSURANCE
SOCIAL INSURANCES
SOCIAL PROTECTION
SOCIAL RISK MANAGEMENT
SOCIAL SECURITY
SOCIAL SECURITY CONTRIBUTIONS
SOCIAL WELFARE
SOURCES OF PENSION
SPECTRUM OF RISKS
STATE PENSION
STOCK EXCHANGE
STOCKS
SUPERVISORY AUTHORITY
TAX
TAX BENEFITS
TAX BREAKS
TAX RATES
TAX REGIME
TAX TREATMENT
TRANSACTION
TRANSITION ECONOMIES
TYPES OF PENSION
UNEMPLOYED
UNEMPLOYMENT
UNEMPLOYMENT BENEFITS
VALUABLE
WAGE
WAGE GAP
WAGES
WELFARE STATE
WITHDRAWAL
WORKING LIFE
WORKING LIVES
YEARLY SAVING
YOUNG ADULTS
YOUNG CHILDREN
YOUNGER WORKERS
Holzmann, Robert
MacKellar, Landis
Repansek, Jana
Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms
geographic_facet Europe and Central Asia
Southeastern Europe
Balkans
relation Directions in Development ; finance
description The reform of public pension systems and, more generally, the review of old-age income support are on the reform agenda worldwide. The reform discussion is more intense in countries where population aging is well advanced, including the member countries of the Organization for Economic Co-operation and Development (OECD), much of Latin America, China, Russia, and the former transition economies of Southeastern Europe (SEE). But developing countries in the global South are also awakening to the challenges of aging and old-age income support in view of changing family structures, urbanization, and migration. Over 80 percent of the increase in the numbers of persons age 65 and older up to 2050 will take place in countries with current per capita incomes of US$1,000 and below. Whereas the North grew rich before becoming old, the South risks becoming old before becoming rich. The remainder of the chapter attempts to substantiate this point. The next section briefly describes aging and its fiscal implications in the light of demographic developments in the countries of Southeastern Europe. There follows an outline of the drivers of pension reform that go beyond population aging and have to be understood when choosing among reform options. Subsequent sections take up recent international reform trends and lessons and underline key points concerning the labor market and financial market reforms needed to support pension reform. The chapter ends with some concluding remarks.
format Publications & Research :: Publication
author Holzmann, Robert
MacKellar, Landis
Repansek, Jana
author_facet Holzmann, Robert
MacKellar, Landis
Repansek, Jana
author_sort Holzmann, Robert
title Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms
title_short Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms
title_full Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms
title_fullStr Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms
title_full_unstemmed Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms
title_sort pension reform in southeastern europe : linking to labor and financial market reforms
publisher World Bank
publishDate 2012
url http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090127222204
http://hdl.handle.net/10986/2587
_version_ 1764385660954738688
spelling okr-10986-25872021-04-23T14:02:03Z Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms Holzmann, Robert MacKellar, Landis Repansek, Jana AGE-EARNINGS AGE-EARNINGS PROFILES ASSET ALLOCATION ASSET CLASS ASSET PORTFOLIO ASSET VALUE AVERAGE EARNINGS BALANCE SHEETS BANKS BENEFICIARIES BENEFIT FORMULA BEST PRACTICE CALCULATION CALCULATIONS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CARE FOR CHILDREN CENTRAL BANK CENTRAL BANKS CENTRAL DEPOSITORY COMPULSORY CONTRIBUTIONS CONTINGENCIES CONTINGENT LIABILITIES CONTRIBUTION CONTRIBUTION RATE CONTRIBUTIONS CORPORATE BONDS CURRENCY CURRENT PENSION DEPOSITS DEPRECIATION DISABILITIES DISABILITY DISABILITY BENEFITS DISABILITY INSURANCE DIVERSIFICATION DIVORCE DIVORCES EARLIER RETIREMENT EARLY RETIREMENT EARNINGS EARNINGS OF WOMEN ECONOMIC ACTIVITY EXCHANGE RATES FAMILY STRUCTURES FINANCES FINANCIAL AFFAIRS FINANCIAL ASSETS FINANCIAL INCENTIVES FINANCIAL INFRASTRUCTURE FINANCIAL INSTRUMENTS FINANCIAL LITERACY FINANCIAL MARKET FINANCIAL MARKET DEVELOPMENT FINANCIAL MARKETS FINANCIAL POLICY FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTOR DEVELOPMENT FINANCIAL SERVICES FINANCIAL SYSTEM FINANCIAL SYSTEMS FUND ASSET FUND ASSETS FUND MANAGEMENT FUTURE VALUES GLOBALIZATION GOVERNMENT POLICIES GOVERNMENT POLICY GROSS DOMESTIC PRODUCT HOUSEHOLD APPLIANCES HOUSEHOLD SAVINGS IMPLICIT TAX INCOME INCOME REPLACEMENT INCOME SOURCES INDIVIDUAL ACCOUNTS INDIVIDUAL PENSION INDIVIDUAL RETIREMENT INDIVIDUAL RETIREMENT ACCOUNTS INDIVIDUAL SAVINGS INTERNATIONAL BANK INTERNATIONAL STANDARDS INVESTING INVESTMENT CLIMATE INVESTMENT FUND INVESTMENT PERFORMANCE INVESTMENT REGULATIONS INVESTMENT RETURNS INVESTMENT STRATEGIES INVESTMENT STRATEGY LABOR FORCE LABOR MARKET LABOR MARKET PERSPECTIVE LABOR MARKETS LIFE EXPECTANCIES LIFE EXPECTANCY LIFE SPANS LIFETIME LONG-TERM CARE MACROECONOMIC PERFORMANCE MACROECONOMIC POLICY MACROECONOMIC STABILITY MANDATORY PENSION FUNDS MARKET DEVELOPMENTS MARKET ECONOMY MARKET FAILURES MARKET INTEGRATION MARKET PARTICIPANTS MARKET REFORM MARKET REFORMS MONETARY FUND NATIONAL BANK NET ASSET OLD-AGE PENSION OLD-AGE PENSIONS OLDER WORKERS PENSION PENSION ASSETS PENSION BENEFITS PENSION COVERAGE PENSION FUND PENSION FUND ASSETS PENSION FUNDS PENSION ISSUES PENSION PRODUCTS PENSION PROVISION PENSION REFORM PENSION REFORM DEVELOPMENTS PENSION REFORMS PENSION RIGHTS PENSION SAVINGS PENSION SCHEME PENSION SCHEMES PENSION SPENDING PENSION SYSTEM PENSION SYSTEM REFORM PENSION SYSTEMS PENSIONERS PENSIONS PERSONAL SAVINGS PORTFOLIOS PRIMARY EDUCATION PRIVATE PENSION PRIVATE SAVING PRIVATE SAVINGS PROBABILITY PRODUCTIVITY PUBLIC BUDGET PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURES PUBLIC FINANCE PUBLIC FINANCES PUBLIC PENSION PUBLIC PENSION SCHEMES PUBLIC PENSIONS RATES OF RETURN REGULATORY FRAMEWORK REPLACEMENT RATE REPLACEMENT RATES RETIRED RETIRED WORKERS RETIREMENT RETIREMENT AGE RETIREMENT AGES RETIREMENT BENEFITS RETIREMENT DECISIONS RETIREMENT INCENTIVES RETIREMENT INCOME RETIREMENT INCOMES RETIREMENT PENSION RETIREMENT PRODUCTS RETIREMENT PROGRAMS RETIREMENT SAVINGS RETIREMENT-INCOME SAVERS SAVINGS FOR RETIREMENT SECURITIES SENIOR SEVERANCE PAY SOCIAL EXCLUSION SOCIAL INSURANCE SOCIAL INSURANCES SOCIAL PROTECTION SOCIAL RISK MANAGEMENT SOCIAL SECURITY SOCIAL SECURITY CONTRIBUTIONS SOCIAL WELFARE SOURCES OF PENSION SPECTRUM OF RISKS STATE PENSION STOCK EXCHANGE STOCKS SUPERVISORY AUTHORITY TAX TAX BENEFITS TAX BREAKS TAX RATES TAX REGIME TAX TREATMENT TRANSACTION TRANSITION ECONOMIES TYPES OF PENSION UNEMPLOYED UNEMPLOYMENT UNEMPLOYMENT BENEFITS VALUABLE WAGE WAGE GAP WAGES WELFARE STATE WITHDRAWAL WORKING LIFE WORKING LIVES YEARLY SAVING YOUNG ADULTS YOUNG CHILDREN YOUNGER WORKERS The reform of public pension systems and, more generally, the review of old-age income support are on the reform agenda worldwide. The reform discussion is more intense in countries where population aging is well advanced, including the member countries of the Organization for Economic Co-operation and Development (OECD), much of Latin America, China, Russia, and the former transition economies of Southeastern Europe (SEE). But developing countries in the global South are also awakening to the challenges of aging and old-age income support in view of changing family structures, urbanization, and migration. Over 80 percent of the increase in the numbers of persons age 65 and older up to 2050 will take place in countries with current per capita incomes of US$1,000 and below. Whereas the North grew rich before becoming old, the South risks becoming old before becoming rich. The remainder of the chapter attempts to substantiate this point. The next section briefly describes aging and its fiscal implications in the light of demographic developments in the countries of Southeastern Europe. There follows an outline of the drivers of pension reform that go beyond population aging and have to be understood when choosing among reform options. Subsequent sections take up recent international reform trends and lessons and underline key points concerning the labor market and financial market reforms needed to support pension reform. The chapter ends with some concluding remarks. 2012-03-19T10:02:26Z 2012-03-19T10:02:26Z 2009 http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090127222204 978-0-8213-7558-7 http://hdl.handle.net/10986/2587 English Directions in Development ; finance CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank Publications & Research :: Publication Publications & Research :: Publication Europe and Central Asia Southeastern Europe Balkans