{"title":"Pension reforms in Hungary: have they gone too far?","authors":"István Dedák, Noémi Fiser","doi":"10.1017/s1474747224000052","DOIUrl":"https://doi.org/10.1017/s1474747224000052","url":null,"abstract":"\u0000 As a result of unfavorable demographic processes, the pension systems in the Central and Eastern European (CEE) EU countries face significant challenges, which has made the implementation of reforms inevitable in the last decade. Relying on economic theory, this paper analyses the effects of the Hungarian pension reforms in comparison with those of other CEE countries, and discusses the consequences from the point of view of social policy and the sustainability of the pension schemes. We explore the reasons why the reforms in Hungary ultimately did not improve sustainability but rather contributed to dismantling the social care system. Therefore, the Hungarian case provides useful lessons for other countries, and at the same time underlines the importance of automatic adjustment mechanisms. The study pays particular attention to the theoretical analysis of pension indexation because its accurate quantitative effects are far from being sufficiently clarified in the literature, although it is vital for a thoughtful evaluation of pension reforms.","PeriodicalId":225771,"journal":{"name":"Journal of Pension Economics and Finance","volume":"13 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140660516","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The role of the peer effect in forming pension expectations among the middle-aged: existence and mechanisms","authors":"Zining Liu, Youji Lyu, Yi Yao, Wei Zheng","doi":"10.1017/s1474747223000264","DOIUrl":"https://doi.org/10.1017/s1474747223000264","url":null,"abstract":"\u0000 Using the instrumental variable approach on nationally representative, individual-level data on middle-aged pension participants in China, this study quantifies the peer effect in the context of forming pension expectations. The study confirms the existence of the peer effect in forming pension expectations in the community. The probability of having optimistic pension expectations significantly increases by 0.309 percentage points if the proportion of optimists in the community increases by 1 percentage point. Moreover, the study explores the channels through which the peer effect operates and finds that the social learning channel dominates the social norms channel. The study also provides empirical evidence that village and township leaders as well as those with old pension program experience are opinion leaders in their peer group. Lastly, we find peer effects in other pension decisions, e.g., contribution size, and the contribution size increases by the proportion of optimists in the community. The study provides policy implications on ways to improve willingness to contribute to pension programs.","PeriodicalId":225771,"journal":{"name":"Journal of Pension Economics and Finance","volume":"26 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140437272","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The decumulation period of a personal pension with risk sharing: investment approach versus consumption approach","authors":"Servaas van Bilsen, A. Bovenberg","doi":"10.1017/S1474747218000240","DOIUrl":"https://doi.org/10.1017/S1474747218000240","url":null,"abstract":"Abstract This paper models the decumulation period of a Personal Pension with Risk sharing (PPR). We derive several relationships between the contract parameters. Individuals can adopt two approaches to the decumulation period of a PPR: the investment approach and the consumption approach. In the investment approach, individuals specify how to invest wealth and how much wealth to withdraw. Retirement consumption follows endogenously. In the consumption approach, in contrast, individuals specify retirement consumption exogenously. Investment and withdrawal policies follow endogenously. We explore these two approaches in detail. Consistent with habit formation, we allow for excess smoothness and excess sensitivity in retirement consumption.","PeriodicalId":225771,"journal":{"name":"Journal of Pension Economics and Finance","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129856593","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Pensions in the Health and Retirement Study. Alan Gustman, Thomas Steinmeier and Nahid Tabatabai. Harvard University Press, 2010, ISBN 978-0-674-04866-9, 367 pages","authors":"A. Börsch-Supan","doi":"10.1017/S1474747211000369","DOIUrl":"https://doi.org/10.1017/S1474747211000369","url":null,"abstract":"","PeriodicalId":225771,"journal":{"name":"Journal of Pension Economics and Finance","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123923625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The social security reform process in Italy: where do we stand?","authors":"A. Brugiavini, V. Galasso","doi":"10.2139/ssrn.1091482","DOIUrl":"https://doi.org/10.2139/ssrn.1091482","url":null,"abstract":"A reform process is underway in Italy. Achieving financial sustainability of the social security system has been the first objective characterizing the reforms of 1990s, but these have also introduced rules which aim at a more actuarially fair system. Indeed the social security system prevailing in Italy, financed on a PAYG basis, was, at the end of the 1980s, clearly unsustainable and also extremely unfair to some group of workers, enacting a form of perverse redistribution which is typical of ‘final salary’ defined benefit systems. It was also a system characterized by strong incentives to retire early. In this paper we briefly describe the different regimes of the Italian pension system in its recent history and focus on some aspects of the reform process taking place during the 1990s. Since economists and policy makers are still struggling to assess the results and the long-term effects of these reforms we provide both a survey of this debate and some fresh evidence on the evaluation of the policy changes. We carry out this analysis with a particular emphasis on two aspects which are relevant in the debate. On the one hand we stress the role of economic incentives and the overall fiscal implications of changing the systems as well as these incentives. On the other hand we emphasize the intergenerational considerations and the political implications of the ageing process of the Italian population. From our description it emerges that the overall design of the Italian reform is probably a good one, and yet some more steps need to be taken to speed up some of the positive effects of the reform process that, due the adverse demographic trends affecting PAYG systems as well as the political arena, could easily evaporate.","PeriodicalId":225771,"journal":{"name":"Journal of Pension Economics and Finance","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128509600","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}