Politická ekonomie 2008, 56(1):80-101 | DOI: 10.18267/j.polek.632

Penzijní reforma v ČR: konverze ke kombinovanému systému s ohledem na limity fiskální politiky

David Marek
Patria Finance, Praha.

Pension reform in the Czech republic: a switch to mixed system with regard for limits of fiscal policy

The Czech Republic is going to face ageing of its population. It will affect the economy in many ways. The pension system is one of them. This paper provides a view on possibilities how to insure long-term stability of the pension system in the Czech Republic using a mix of pay-as-you-go and fully funded system. Simulations are based on OLG model, long-term demographic forecast and limits of fiscal policy stemming from the necessity to fulfill Maastricht criteria and The Stability and Growth Pact. Those obligations creates a frontier for plausible solutions. Results suggest that it is possible to find a solution for mixed system providing more favorable conditions than purely parametric changes of PAYG. Taking into account fiscal limits, the contribution rate to the FF pillar would be similar to the rates in other CEE countries where pension reform already started.

Keywords: pension system, fiscal policy, social security, funded pillar, pay-as-you-go, public pensions, overlapping-generations model, ageing population
JEL classification: E17, G23, H55

Published: February 1, 2008  Show citation

ACS AIP APA ASA Harvard Chicago IEEE ISO690 MLA NLM Turabian Vancouver
Marek, D. (2008). Pension reform in the Czech republic: a switch to mixed system with regard for limits of fiscal policy. Politická ekonomie, 56(1), 80-101. doi: 10.18267/j.polek.632
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. AARON, H. 1966. The social insurance paradox. The Canadian Journal of Economics and Political Science. 1966, vol. 32, no. 3, s. 371-374. Go to original source...
    2. AUERBACH, A. J.; KOTLIKOFF, L. J. 1987. Dynamic Fiscal Policy. Cambridge, UK : Cambridge University Press, 1987.
    3. AUERBACH, A. J., et al. 1989. The Economic Dynamics of an Ageing Population: The Case of Four OECD Countries [OECD Economics Department Working Paper No. 62]. OECD Publishing, 1989. Go to original source...
    4. BATINI, N.; CALLEN, T.; SPATAFORA, N. 2004. World Economic Outlook: September 2004. Chapter III. How Will Demographic Change Affect the Global Economy? International Monetary Fund, 2004, s. 137-180.
    5. BEZDĚK, V. 2000. Penzijní systémy obecně i v kontextu České ekonomiky (souČAsný stav a potřeba reforem) [Výzkumné práce měnové sekce ČNB, VP č. 25]. Praha : ČNB, 2000.
    6. BLANCHARD, O. J. 1984. Debt, Deficits and Finite Horizont [NBER Working Paper No. 1389]. Cambridge : NBER, 1984. Go to original source...
    7. BLOOM, D. E., et al. 2006. Demographic Change, Social Security Systems, and Savings [NBER Working Paper No. 12621]. Cambridge : NBER, 2006. Go to original source...
    8. BURCIN, B.; KUČERA, T. 2004. Perspektivy populačního vývoje České republiky na období 2003-2065. 1. dopl. vyd. Praha : DemoArt, 2004. 50 s. ISBN 80-86746-01-1.
    9. BURCIN, B.; KUČERA, T. Projekce vývoje obyvatelstva České republiky na období 2066-2150. Praha : Úřad vlády ČR, Pracovní skupina pro přípravu podkladů pro rozhodnutí o důchodové reformě, cca 2006. 128 s.
    10. DIAMOND, P. A. 1965. National debt in a neoclassical growth model. The American Economic Review. 1965, vol. 55, no. 5, s. 1126-1150.
    11. DOMEIJ, D.; FLODEN, M. 2003. Population Aging and International Capital Flows [Working Paper Series in Economics and Finance, No. 539]. Stockholm : Stockholm School of Economics, 2003.
    12. FELDSTEIN, M.; SAMWICK, A. 2001. Potential Paths of Social Security Reform [NBER Working Paper No. 8592]. Cambridge : NBER, 2001. Go to original source...
    13. FELDSTEIN, M. (ed). 1998. Privatizing Social Security. Chicago : University of Chicago Press, 1998. 488 s. ISBN 978-0-226-24101-2. Go to original source...
    14. FELDSTEIN, M. 2005. Structural Reform of Social Security [NBER Working Paper No. 11098], Cambridge : NBER, 2005. Go to original source...
    15. LAURSEN, T. 2000. Pension System Viability and Reform Alternatives in the Czech Republic [IMF Working Paper 00/16]. International Monetary Fund, 2000. Go to original source...
    16. MACKENZIE, G. A.; SCHRAGER, A. 2004. Can The Private Anuity Market Provide Secure Retirement Income? [IMF Working Paper 04/230]. International Monetary Fund, 2004. Go to original source...
    17. SCHNEIDER, O.; JEŽEK, M.; HOUSKA, J. 2004. Pension Reform: How Macroeconomics May Help Microeconomics - The Czech Case. Prague : Institute of Economic Studies, Charles University, 2004. Go to original source...
    18. SCHNEIDER, O. 1998. Dynamický model důchodové reformy v ČR. Finance a úvěr. 1998, roč. 48, č. 1, s. 55-65.
    19. TURNER, D., et al. 1998. The Macroeconomic Implications of Ageing In a Global Context [Economics Department Working Paper No. 193]. OECD, 1998.

    This is an open access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), which permits non-comercial use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content