Sustainability of the Slovenian Pension System: An Analysis with an Overlapping-Generations General Equilibrium Model
This paper uses a dynamic overlapping-generations (OLG) general equilibrium model to analyze welfare effects in Slovenia, the macroeconomic effects of the Slovenian pension reform, and the effects of the pension fund deficit on the sustainability of Slovenian public finances. Although young and new...
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| Veröffentlicht in: | Eastern European economics 2006-07, Vol.44 (4), p.60-81 |
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| container_title | Eastern European economics |
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| creator | Verbič, Miroslav Majcen, Boris Van Nieuwkoop, Renger |
| description | This paper uses a dynamic overlapping-generations (OLG) general equilibrium model to analyze welfare effects in Slovenia, the macroeconomic effects of the Slovenian pension reform, and the effects of the pension fund deficit on the sustainability of Slovenian public finances. Although young and new generations will lose from the pension reform, even complete implementation of reforms might not sufficiently compensate for unfavorable demographic developments. The level of expected deficit for the pay-as-you-go state pension fund seems to be most worrying. Financing the pension system with value-added tax revenues, as an extreme case, could result in more sustainable public finances, because gross domestic product and welfare levels ought to increase; however, this might be infea-sible to implement politically, given that generations of voters would have their welfare decreased. In addition, the present pension system is opaque and tremendously complicated and primarily, should be made more comprehensible to the public. |
| doi_str_mv | 10.2753/EEE0012-8775440403 |
| format | Article |
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Although young and new generations will lose from the pension reform, even complete implementation of reforms might not sufficiently compensate for unfavorable demographic developments. The level of expected deficit for the pay-as-you-go state pension fund seems to be most worrying. Financing the pension system with value-added tax revenues, as an extreme case, could result in more sustainable public finances, because gross domestic product and welfare levels ought to increase; however, this might be infea-sible to implement politically, given that generations of voters would have their welfare decreased. 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Although young and new generations will lose from the pension reform, even complete implementation of reforms might not sufficiently compensate for unfavorable demographic developments. The level of expected deficit for the pay-as-you-go state pension fund seems to be most worrying. Financing the pension system with value-added tax revenues, as an extreme case, could result in more sustainable public finances, because gross domestic product and welfare levels ought to increase; however, this might be infea-sible to implement politically, given that generations of voters would have their welfare decreased. In addition, the present pension system is opaque and tremendously complicated and primarily, should be made more comprehensible to the public.</description><subject>Demography</subject><subject>Dynamic programming</subject><subject>Economic growth rate</subject><subject>Economic models</subject><subject>Economic theory</subject><subject>Generations</subject><subject>Gross domestic product</subject><subject>Income taxes</subject><subject>Pension fund management</subject><subject>Pension funds</subject><subject>Pension plans</subject><subject>Reforms</subject><subject>Retirement age</subject><subject>Studies</subject><subject>Sustainable development</subject><subject>Sustainable economies</subject><subject>Value added taxes</subject><issn>0012-8775</issn><issn>1557-9298</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2006</creationdate><recordtype>article</recordtype><sourceid>X2L</sourceid><sourceid>7TQ</sourceid><recordid>eNp9UE1r3DAUNKWFbNP-gdCD6N2NvmzZhR5CcJNCSgrbnoXsfepqkSVHkjf430eLw_ZW0OhJb94MjymKK4K_UFGx667rMCa0bISoOMccszfFhlSVKFvaNm-LzZm9KN7HeDh921psink7x6SMU72xJi3Ia5T2gLbWH8EZ5dAvcNF4h7ZLTDB-RTcuH2WXaCJ6NmmP8szjEYJV02Tc3_IOHASVsiSi9W1R9zRn9z6YeUQ__Q7sh-KdVjbCx9d6Wfz53v2-vS8fHu9-3N48lAMXdSpprysA3QrdK0IpBiwaxkhdcwpVS4mijA6aMyKGigLhjd6xmg51QzWvB92zy-Lz6jsF_zRDTPLg55DXjzLbVS1mvM1DdB0ago8xgJZTMKMKiyRYntKVr-nKf-lm0f0qCjDBcFaMEEHBnDtHyRTn-VoyKMZ1LubUy5gyaiwbIvdpzFafVqtDTD6crThrMBc8099W2jjtw6iefbA7mdRifdBBucFEyf6z6Qul4KOQ</recordid><startdate>20060701</startdate><enddate>20060701</enddate><creator>Verbič, Miroslav</creator><creator>Majcen, Boris</creator><creator>Van Nieuwkoop, Renger</creator><general>Routledge</general><general>M. 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Although young and new generations will lose from the pension reform, even complete implementation of reforms might not sufficiently compensate for unfavorable demographic developments. The level of expected deficit for the pay-as-you-go state pension fund seems to be most worrying. Financing the pension system with value-added tax revenues, as an extreme case, could result in more sustainable public finances, because gross domestic product and welfare levels ought to increase; however, this might be infea-sible to implement politically, given that generations of voters would have their welfare decreased. In addition, the present pension system is opaque and tremendously complicated and primarily, should be made more comprehensible to the public.</abstract><cop>Abingdon</cop><pub>Routledge</pub><doi>10.2753/EEE0012-8775440403</doi><tpages>22</tpages></addata></record> |
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| ispartof | Eastern European economics, 2006-07, Vol.44 (4), p.60-81 |
| issn | 0012-8775 1557-9298 |
| language | eng |
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| source | RePEc; PAIS Index; EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing |
| subjects | Demography Dynamic programming Economic growth rate Economic models Economic theory Generations Gross domestic product Income taxes Pension fund management Pension funds Pension plans Reforms Retirement age Studies Sustainable development Sustainable economies Value added taxes |
| title | Sustainability of the Slovenian Pension System: An Analysis with an Overlapping-Generations General Equilibrium Model |
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