scholarly journals Change in the tax structure of the Republic of Croatia as a precondition for pension system reform

2021 ◽  
Vol 9 (1) ◽  
pp. 301-314
Author(s):  
Denis Buterin
Keyword(s):  
Life Expectancy ◽  
Pension System ◽  
Income Taxation ◽  
System Reform ◽  
Tax Structure ◽  
Current Contribution ◽  
Long Run ◽  
The Republic ◽  
Reform Needs ◽  
Conflicting Goals

The pension system of the Republic of Croatia is subject to frequent inquiries, which can be summed up in two basic directions: the question of its financing, ie the rate of pension contributions that negatively affect the competitiveness of the economy, and the issue of pensions paid, which are often perceived as insufficient for the dignified life of pension beneficiaries. However, in the long run, the pension system will face the need for a thorough reform that will be caused by the longer life expectancy of the population and the increasing negative demographic tendencies that are particularly pronounced in the Republic of Croatia. The current contribution-based pension system will be less and less able to service its growing demands, and the reform needs to achieve two apparently conflicting goals: efficient financing while stimulating the competitiveness of the Croatian economy. It will be possible to achieve this by carefully devising a change in the tax structure and shifting the focus from income taxation to consumption taxation.

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.

scholarly journals Actuarial deductions for early retirement

2021 ◽  
pp. 1-27
Author(s):  
Markus Knell
Keyword(s):  
Early Retirement ◽  
Pension System ◽  
Budget Constraint ◽  
Retirement Age ◽  
Single Individual ◽  
Internal Rate Of Return ◽  
Market Interest Rate ◽  
Long Run ◽  
Retirement Behavior ◽  
The Right

Abstract This paper studies how the rates of deduction for early retirement have to be determined in pay-as-you-go (PAYG) systems in order to keep their budget stable. The derivation of these deductions requires the use of a multiperiod intertemporal budget constraint that involves assumptions about the retirement behavior of past, present, and future cohorts. In general, it is not possible to calculate budget-neutral deductions from the budget constraint of a single individual who retires before the target retirement age—an approach that dominates the related literature. Only for specific cases one can use this second approach but then one has to adjust the discount rate to the assumption about collective retirement. If there is only one deviating individual, then the right choice is the market interest rate while for a stationary retirement distribution it is the internal rate of return of the PAYG system. In this case, the necessary deductions are lower than under the standard approach. This is also true for retirement ages that fluctuate randomly around a stationary distribution. Various long-run developments (e.g., increases in life expectancy or permanent changes in the average retirement age) might cause challenges for the sustainability of the pension system. These developments, however, can only be dealt with by adequate adjustments to the basic pension formulas and not by the use of deduction rates.

The Nineteenth-Century Ottoman Tax Reforms and Revenue System

1975 ◽  
Vol 6 (4) ◽  
pp. 421-459 ◽  
Author(s):  
Stanford J. Shaw
Keyword(s):  
Nineteenth Century ◽  
Ottoman Empire ◽  
Tax Structure ◽  
Tax Reforms ◽  
The Republic ◽  
Republic Of Turkey ◽  
Radical Transformation

One of the most significant, but unstudied, aspects of the reforms accomplished in the Ottoman Empire during the nineteenth century under the leadership of the Tanzimat statesmen and of Sultan Abd ul-Hamid II was a radical transformation of the traditional Ottoman tax structure and the introduction of the system that has remained in force, with relatively few changes, to the present day, at least in the Republic of Turkey.

scholarly journals Remittance trap: comparative approach of the Republic of Moldova and other ex-socialist countries

2021 ◽  
Vol 7 (2) ◽  
pp. 59-76
Author(s):  
Elina Benea-Popusoi ◽  
◽  
Polina Arivonici ◽  
Keyword(s):  
Side Effects ◽  
Sustainable Growth ◽  
Comparative Approach ◽  
Policy Recommendations ◽  
Business Climate ◽  
Short Term ◽  
Advantages And Disadvantages ◽  
Long Run ◽  
Capital Outflows ◽  
The Republic

The objective of our analysis has been to find out and elaborate on why some countries could not benefit from remittance inflows sent by migrants or even are getting into traps due to them. In the authors’ view, the remittance trap may be appraised, notably in the long run, as the dilemma in which a country finds itself when the high value of migrant remittance inflows leads to a high value of human and financial capital outflows, as well as to the moral hazard problem of the country's population and government. Accordingly, remittance trap negatively affects the sustainable growth and development of the economy which eventually deepens the country's dependence on remittances, proving the vicious nature of the trap. Furthermore, the paper focuses on identifying a competent set of policy recommendations for the countries that are remittance dependent. A natural conclusion of our research is that there is a thin line between remittances’ advantages and disadvantages, since in fact, short-term benefits very often turn out into long-run side effects, mainly as a result of mismanagement of remittance inflows, which correlates with unfavourable business climate and decreased willingness of the population to invest. Accordingly, the benefits and adverse side effects of remittance inflows are interdependent.

scholarly journals Modelling home equity conversion loans with life insurance models

2013 ◽  
Vol 58 (199) ◽  
pp. 127-164
Author(s):  
Bojan Baskot
Keyword(s):  
Life Insurance ◽  
Pension System ◽  
System Reform ◽  
Retirement Home ◽  
Home Equity ◽  
Quality Life ◽  
Maturity Date

Home equity represents a reserve that can be used for providing additional money for its owners during their retirement. Life insurance models can be successfully applied to model home equity conversion loans. The home equity conversion loan is a financial product that provides a certain flexibility by using home equity as a resource for a quality life during retirement. Home equity conversion loans do not have a predetermined maturity date, as do conventional loans. But, like every loan, it must be repaid. One potential advantage of using a home equity conversion loan during tough financial times instead of some types of need-based assistance is that eligibility is straightforward. Home equity conversion loans can be useful tools in the process of pension system reform.

scholarly journals Pension System Reform and Economic Growth in Chile

2002 ◽  
Vol 173 (1-2) ◽  
pp. 69-81
Author(s):  
Anna Ząbkowicz
Keyword(s):  
Economic Growth ◽  
Pension System ◽  
System Reform

scholarly journals Relationship between life of mate butterflies and leading selection characteristics

2021 ◽  
Vol 244 ◽  
pp. 02028
Author(s):  
U. Khudayberdieva ◽  
S. Navruzov ◽  
N. Rajabov ◽  
O. Karimov ◽  
K.H. Fozilova
Keyword(s):  
Life Expectancy ◽  
National Economy ◽  
Economic Value ◽  
Breeding Work ◽  
Coefficient Of Variability ◽  
History Of ◽  
The Republic ◽  
Selection Work ◽  
Research Institute

This article examines the history of silkworm breeding, the role of silkworm breeding in the national economy of the Republic of Uzbekistan and the role of silkworm breeding in the development of the industry. This is because the interrelationship of traits of economic value is of great importance in selection and breeding work. The experiments were conducted in 2015-2017 at the Silk Research Institute of Uzbekistan. The life expectancy of the experimental butterflies was 10.9-12.8 days and the variability was 33.9-56.6%. The coefficient of variability indicates the degree of diversity in the population on this trait. Thus, it is clear from the results that the population of “Marvarid” and “Liniya 27” has the ability to carry out selection work on the sign of life expectancy of female butterflies.

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