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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| Format: | Publication |
| Language: | English |
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World Bank
2012
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| 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 |
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okr-10986-2587 |
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| 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 |