scholarly journals IBRD AND ITS INVOLVEMENT IN MODERNISING AND IMPROVING THE FUNCTIONALITY OF PENSION SYSTEMS

2014 ◽  
Author(s):  
Cristina Rosu
Keyword(s):  
Latin America ◽  
Pension System ◽  
Systems Design ◽  
Financial Assistance ◽  
Informational Support ◽  
Pension Systems ◽  
International Bank ◽  
The World ◽  
Scientific Technical ◽  
Analytical Errors

In our research we review the International Bank for Reconstruction and Development’s (IBRD) most important contributions to the functionality of the pension systems around the world. The pension systems design constitutes an important premise for the adequate functioning of these systems. In international practice, there is a wide variety of principles and mechanisms which can constitute the foundation of pension systems, the most common being materialized in the multi-pillar pension system, promoted by the IBRD. Its involvement in modernizing and improving the functionality of pension systems has reached also many other aspects such as evaluation of the national pension systems’ performance, financial assistance to governments with the aim of meeting the objectives corresponding to pension systems, scientific, technical and informational support. We conclude that IBRD’s involvement in modernizing and improving the functionality of pension systems has determined a significant transformation of the national pension systems, especially in Latin America and Eastern and Central Europe. However, its well-known multi-pillar model is not free of criticism as a result of the various analytical errors.

Privatization of pension system in Chile and formation of new pension orthodoxy

2019 ◽  
pp. 40-54 ◽  
Author(s):  
Denis V. Melnik ◽  
Mikhail I. Miryakov
Keyword(s):  
Economic Policy ◽  
Latin America ◽  
Pension System ◽  
Pension Reform ◽  
Soviet Bloc ◽  
Actual Performance ◽  
Theoretical Concepts ◽  
Pension Systems ◽  
Design And Implementation ◽  
The World

In 1981 in Chile the Pinochet regime reformed the state-led PAYG pension system into the private pension system. Chilean experiment attracted the attention of both politicians and experts around the world and laid the foundations for the new pension orthodoxy. As a result, more than 30 countries (mostly in Latin America and in the former Soviet bloc) followed the Chilean model and privatized pension systems. The paper considers the design and results of the Chilean pension reform. The aim of the paper is to show the specific path of transformation of theoretical concepts into actual economic policy. The research provides two key results. The first is that although pension reforms of recent decades were influenced by the ideas of liberalism, their design and implementation in fact suited the pattern of the new paternalism characteristic of “neoliberalism”. The second is that implementation of the Chilean model in other countries was due to the persuasiveness of the discourse of the new pension orthodoxy rather than to actual performance of the Chilean pension system.

scholarly journals A Critical View on Pension Savings in Slovakia

2021 ◽  
Vol 101 (4) ◽  
pp. 370-382
Author(s):  
Jana Špirková ◽  
Martin Dobrovič ◽  
Miroslava Vinczeová
Keyword(s):  
Pension System ◽  
Investment Fund ◽  
Monthly Basis ◽  
Critical View ◽  
Pension Systems ◽  
Administrative Costs ◽  
The World ◽  
Almost All

In almost all countries around the world, pension systems are based on several pillars. This is also the case of Slovakia with its three-pillar pension system. The paper presents a case study underlying the risks that can seriously affect the amount of future pensions. The case study clearly indicates that current pensions in Slovakia paid under all three pillars do not correspond with the expectations from the implementation of the three-pillar pension system. The aim of the paper is to the risks that can seriously affect the amount of future pensions. Our own contribution is the determination of the amount of pension for a specific pensioner specified in the presented case study. Within the saving phase of pension contributions the development of investment fund returns, the amount of future pensioner´s contributions, as well as administrative costs are analyzed on a monthly basis. The payout phase is modelled using actuarial functions applying the mortality tables of Slovakia.

A Crisis of Longer Life: Reforming Pension Systems

1999 ◽  
Vol 5 (1) ◽  
pp. 55-113 ◽  
Author(s):  
C.D. Daykin ◽  
D. Lewis
Keyword(s):  
European Union ◽  
Latin America ◽  
Social Security ◽  
Eastern Europe ◽  
Central And Eastern Europe ◽  
Oecd Countries ◽  
Demographic Ageing ◽  
Pension Systems ◽  
Pension Schemes ◽  
The World

ABSTRACTSocial security pension schemes around the world are facing a number of problems, of which demographic ageing is the most commonly discussed. This paper provides an overview of expected future demographic developments in European Union and some other OECD countries, and evaluates some of the range of solutions which have been, or are being, considered to address this and other problems facing social security in the late 1990s, drawing on examples from OECD countries, from Latin America and from central and eastern Europe. Consideration is given to the possibilities for increasing the level of funding in social security pension schemes or developing funded complementary pension schemes.

scholarly journals ORGANIZATIONAL PROBLEMS OF FUNCTIONING OF ACCUMULATIVE AND DISTRIBUTION PENSION SUBSYSTEMS IN UKRAINE

2020 ◽  
Author(s):  
Tetyana Kulinich ◽  
◽  
Illya Zhayvoronok ◽  
Keyword(s):  
Financial Stability ◽  
Budget Deficit ◽  
Distribution Systems ◽  
Pension Fund ◽  
Pension System ◽  
Developed Countries ◽  
Oecd Countries ◽  
Distribution Models ◽  
Pension Systems ◽  
The World

Despite the number of reforms, the issue of improving the pension system in Ukraine remains quite acute. The low replacement rate and the marked increase in public pension expenditures, caused by the sharp increase in the budget deficit of the pension fund of Ukraine, show that the national pension system is one of the least efficient pension systems in the world. The article considers the structure of pension systems of developed countries, which in their absolute majority are combined. The mixed type of pension system is the most effective in terms of financial stability and the level of paid pensions. In its pure form, cumulative and distribution models are not common in world practice. The indicator of the coefficient of replacement of pension subsystems of OECD countries is presented and conclusions are drawn about their efficiency. The basic models of management of accumulative pension funds are summarized. Based on the analyzed data, it is obvious that in most leading countries of the world the basis of pension provision is the distribution subsystem. With rare exceptions, the bulk of the substitution factor is created within distribution systems. Accumulation systems can also play a significant role. Comparing data on replacement rates in Ukraine with the countries of OECD, it is clear that by 2019 the situation in Ukraine is one of the worst. The ratio of the average pension to the average salary in Ukraine is 2 times lower than the average for the OECD countries. Analysis of world practice leads to the conclusion that to increase the level of pensions requires simultaneous strengthening of the distribution and development of the accumulative parts of the pension system. The analysis of functioning of each subsystem of pension provision in Ukraine is carried out. The problems of functioning of the distribution pension subsystem in Ukraine during the last years are described. The dynamics of the budget deficit of the Pension Fund of Ukraine is graphically presented. The reasons for refusing to introduce the compulsory pension subsystem have been identified. The results of the activity of the voluntary accumulative pension subsystem are analyzed. The directions of im-provement of functioning of the pension system of Ukraine are defined.

scholarly journals Reform of Healthcare and Pension Systems in Chile (Conclusions for Poland)

2011 ◽  
Vol 14 (2) ◽  
pp. 41-60
Author(s):  
Ryszar Piasecki
Keyword(s):  
Health Reform ◽  
Pension System ◽  
Pension Reform ◽  
Public Hospitals ◽  
Medical Doctors ◽  
The Public ◽  
Pension Systems ◽  
Public Pension System ◽  
The World ◽  
State Subsidies

Health reform in Chile attemps to improve healthcare of the citizens. The authorities of the country managed to combine both the private (ISAPRE) and public systems FONASA). The biggest success was the creation of AUGE (state subsidies for 66 diseases). The unsolved problems are as follows: long waiting lists and shortages of beds in public hospitals, shortage of medical doctors and specialists. As far as the pension reform is concerned Chile was the first state in the world which in 1981 totally privatized the public pension system. Unfortunately, the fruit of changes in Chile is less optimistic (extremely low pensions) than it was initially assumed. According to specialists the only chance for a correct work of the pension system is introduction of the system which would combine two forms, i.e. a state intergenerational agreement and capital system.

4. Neoliberalism in Latin America and Africa

2021 ◽  
pp. 78-100
Author(s):  
Manfred B. Steger ◽  
Ravi K. Roy
Keyword(s):  
Economic Growth ◽  
Latin America ◽  
Structural Adjustment ◽  
Financial Assistance ◽  
Washington Consensus ◽  
Cultural Contexts ◽  
The World Bank ◽  
The World ◽  
Neoliberal Policies ◽  
Structural Adjustment Programmes

‘Neoliberalism in Latin America and Africa’ explores the influence of the Washington Consensus in shaping neoliberal policies in Latin America and Africa. From the perspective of the IMF or the World Bank, market-oriented reform in this region was needed to produce sustained economic growth. To that end, they linked their financial assistance to ‘structural adjustment programmes’ anchored in one-size-fits-all economic prescriptions. However, not all markets 'work' in exactly the same way and according to the same rules. In many instances, the neoliberal remedies applied to Latin America and Africa were microeconomic strategies that failed to account for the unique social, political, and cultural contexts in which they were enforced.

scholarly journals THE MAIN DIRECTIONS OF PENSION SYSTEMS DEVELOPMENT IN THE WORLD AND IN UZBEKISTAN

2021 ◽  
pp. 119-122
Author(s):  
Makhmudjon Djurakulovich Ziyadullaev
Keyword(s):  
Social Policy ◽  
Pension Fund ◽  
Social Protection ◽  
Transition Period ◽  
Pension System ◽  
Systems Development ◽  
Factors Affecting ◽  
Pension Systems ◽  
The World ◽  
The Republic

This article highlights the world experience of the pension system and social protection of citizens, social policy in the transition period to a market economy, in addition, having pension systems and the main directions for their development, the main demographic factors affecting the pension system. It also describes the reforms carried out in recent years in the Republic of Uzbekistan, benefits provided to pensioners, and current problems of the pension system, as well as substantiated proposals for improving pension legislation. KEY WORDS: old-age pension, pension system, pension, social protection, benefits, social assistance, pension fund.

Ideas, Economic Pressures, and Pension Privatization

2005 ◽  
Vol 47 (02) ◽  
pp. 23-50 ◽  
Author(s):  
Raúl L. Madrid
Keyword(s):  
Latin America ◽  
Foreign Capital ◽  
Economic Benefits ◽  
Probit Analysis ◽  
Public Pension ◽  
Pension Policy ◽  
Pension Systems ◽  
Savings Rate ◽  
The World ◽  
Domestic Savings

AbstractThis article maintains that the recent wave of pension privatization has been spurred largely by rising pension expenditures and chronic capital shortages. Many policymakers in Latin America and around the world believed that privatizing their public pension systems would boost their domestic savings rate and resolve the systems' financial problems, thereby reducing their dependence on unstable foreign capital and freeing resources for other, more productive uses. There is no clear evidence that pension privatization will bring these economic benefits, however. To understand why policymakers held these beliefs, we must examine how ideas about pension privatization have formed. Two particularly important factors are the Chilean model and the World Bank's growing influence on pension policy. A probit analysis of the determinants of pension privatization provides support for these arguments.

scholarly journals ASSESSING THE FINANCIAL SUSTAINABILITY OF THE PENSION SYSTEM OF GEORGIA AND EU27 COUNTRIES AND DEVELOPMENT PROSPECTS IN THE CONDITIONS OF ECONOMIC SHOCKS CAUSED BY COVID-19

2020 ◽  
Author(s):  
Maka Ghaniashvili
Keyword(s):  
Pension System ◽  
Financial Sustainability ◽  
Pension Systems ◽  
The World ◽  
Current Events ◽  
The Face ◽  
Economic Shock ◽  
Fiscal Pressure ◽  
The International Monetary Fund ◽  
Development Prospects

Against the background of ongoing demographic change around the world, pension policies have acquired special significance in recent decades. Along with prolonging the population life and reducing the birth rate, the need to reform pension systems has become on the agenda, its main goal is to reduce fiscal pressure in macroeconomic terms, and on a micro scale, ensuring a decent old age with adequate income for retirees. According to the International Monetary Fund the share of state pensions in the GDP of developed and emerging economies will increase by 1-2.5% by 2050. Which calls into question the financial sustainability of many countries' pension systems. In the following study, in parallel with the current events in the world (which implies the economic crisis caused by Covid-19), we will assess the financial sustainability of the Georgian pension system together with the pension systems of E27 countries and determine possible directions for the development of pension systems in the face of economic shock.

scholarly journals ASSESSING THE ADEQUACY OF PENSION SYSTEMS IN GEORGIA AND EUROPE

2020 ◽  
pp. 198-203
Author(s):  
MAKA GHANIASHVILI
Keyword(s):  
Life Expectancy ◽  
Birth Rate ◽  
Pension System ◽  
System Reform ◽  
The European Union ◽  
Multivariate Statistical ◽  
Pension Systems ◽  
Open Method Of Coordination ◽  
Synthetic Indicators ◽  
The World

For several decades, pension systems across the world have been undergoing reforms. The main reasons for this are demographic changes and increasing life expectancy. As life expectancy increases and the birth rate decreases, more people retire than are added to the workforce. To make these reforms more effective and ensure that they are based on the best benchmarks, the European Union (EU) has introduced the Open Method of Coordination (OMC) in the field of pensions. Pension system reform is on its way in Georgia since 2019, January. OMC evaluates pensions systems in terms of the three main objectives: adequacy, sustainability, and modernization of pensions. Our methodology is based on multivariate statistical analysis, and employs synthetic indicators for adequacy objectives, in case of Georgia and 27 EU countries, in the years 2010, 2015 and 2018. The article contributes to the existing literature on pension reforms through investigation of the convergence of EU27 and Georgia pension systems in terms of one of the OMC objectives, in order to evaluate the adequacy of the pension systems.

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