The Political Economy Of Pensions
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The Political Economy Of Pension Financialisation
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Author : Anke Hassel
language : en
Publisher: Routledge
Release Date : 2020-05-21
The Political Economy Of Pension Financialisation written by Anke Hassel and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-21 with Law categories.
The Political Economy of Pension Financialisation addresses – for numerous countries – how and why pension reforms have come to rely more on financial markets, how public policy reacted to financial crises, and regulatory variation. The book demonstrates how the process of pension financialisation reveals that pension policy is not only a social policy that affects retirement income, but also a financial policy that impacts savings rates, corporate finance and the economy. The chapters shed light on pre-funded private pensions as one key component of financialisation, as they turn savings into investments via financial services providers. Readers will also see how pension financialisation and the broader financialisation of the economy are here to stay, despite negative developments during and after the financial crisis. A systematic and comparative overwiew of the financialisation of pensions, The Political Economy of Pension Financialisation is ideal for scholars and postgradues working on Political Economy, Public Policy and Finance. This book was originally published as a special issue of the Journal of European Public Policy.
The Political Economy Of Pensions
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Author : Richard Minns
language : en
Publisher:
Release Date : 1995
The Political Economy Of Pensions written by Richard Minns and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Pensions categories.
The Political Economy Of Reform Lessons From Pensions Product Markets And Labour Markets In Ten Oecd Countries
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Author : Tompson William
language : en
Publisher: OECD Publishing
Release Date : 2009-08-24
The Political Economy Of Reform Lessons From Pensions Product Markets And Labour Markets In Ten Oecd Countries written by Tompson William and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-08-24 with categories.
By looking at 20 reform efforts in ten OECD countries, this report examines why some reforms are implemented and other languish.
The Political Economy Of Pension Reform In Central Eastern Europe
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Author : Katharina Müller
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999
The Political Economy Of Pension Reform In Central Eastern Europe written by Katharina Müller and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Business & Economics categories.
This volume contains the findings of the research project "Institutional Change in Social Security: Pension Reforms in Poland, Hungary and the Czech Republic," which was completed in early 1999. Muller, a research fellow with the Frankfurt Institute for Transformation Studies at the European University Viadrina, examines the partial privatization path that Poland and Hungary chose, and compares their Latin American-styled methods to those of the Czech Republic (which fall well within the boundaries of the Bismarckian-Beveridgean pension traditions). In particular, she looks at which structural-institutional and actor-related factors account for radial pension reform. Annotation copyrighted by Book News, Inc., Portland, OR
Rethinking The Welfare State
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Author : Martin Rein
language : en
Publisher: Edward Elgar Publishing
Release Date : 2004
Rethinking The Welfare State written by Martin Rein and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Business & Economics categories.
The contributions to this volume offer an analysis of the pensions crisis: how it has come about, what it means and what measures can be taken to offset the effects of a massive shortfall between the available resources and public expectations.
The Political Economy Of Public Pensions
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Author : Eileen Norcross
language : en
Publisher: Cambridge University Press
Release Date : 2021-09-02
The Political Economy Of Public Pensions written by Eileen Norcross and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-09-02 with Business & Economics categories.
Public pensions in the United States face an impending funding crisis in the wake of the financial crisis and the COVID-19 recession. Many cities and states will struggle to meet these growing obligations without major cuts in government services, reneging on pension promises, or raising taxes. This Element examines the development of the pension crisis through the lens of political economy. We analyze the knowledge and incentive problems inherent in the institutional structure, governance, and accounting of public pensions. We conclude by offering several institutional, governance, and reporting reforms to address the pension funding crisis.
The Political Economy Of Pension Reform
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Author : Evelyne Huber
language : en
Publisher: Conran Octopus
Release Date : 2000
The Political Economy Of Pension Reform written by Evelyne Huber and has been published by Conran Octopus this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Latin America categories.
Since pension schemes-along with health care and education-absorb the largest amount of social expenditure in all countries, their reform has a potentially major impact both on the fiscal situation of the state and on the life chances of citizens who stand to win or lose from new arrangements. This makes pension reform a highly controversial issue; and, except for the addition of new programmes and benefits, major restructuring of existing pension systems has been extremely rare in advanced industrial democracies. It was also rare in Latin America before the 1980s and 1990s. But there has been a great deal of experimentation within the region during the past decade. This paper examines the larger economic, social and political context of Latin American pension reform and compares experiences in different countries of the region with options available in Western European societies during the same period. The authors argue that the type of pension reform undertaken in Latin America has been an integral part of the structural adjustment programmes pursued by Latin American governments, under the guidance of international financial institutions (IFIs). Although there was a range of possible remedies to the problems of pension systems in different Latin American countries, neo-liberal reformers and the international financial institutions preferred privatization over all others. They claimed that privatization would be superior to other kinds of reform in ensuring the financial viability of pension systems, making them more efficient, establishing a closer link between contributions and benefits and promoting the development of capital markets-thus increasing savings and investment. And they were able to push through some of their suggestions for reform in spite of considerable opposition from pensioners, trade unions and opposition political parties. Interestingly enough, their pressure proved least effective in the more democratic countries of the region. In Costa Rica, for example, citizens preferred to reform the public system-eliminating the last pockets of privilege for public sector workers and ensuring that new levels of contribution would be adequate to provide minimum benefits for the aged and infirm. In Uruguay, citizens forced a public referendum, through which they rejected a proposal for privatization. At a later stage, they did permit the introduction of private investment accounts, but not at the cost of eliminating the public programme. In Argentina and Peru, after the legislature refused to authorize partial privatization, this was eventually pushed through by presidential decree. Only in Chile and Mexico has there been a complete shift to private pension funds-but, in both cases, influential sectors of the elite, including the military, have been allowed to keep their previous, publicly managed group funds. Looking at the only privatized pension system in existence long enough to allow for some assessment of its consequences-that of Chile-the authors find that many of the claims made by supporters of privatization are not substantiated by the evidence. The first discrepancy between neo-liberal predictions and the reality of Chilean pension reform has to do with efficiency. All previous claims to the contrary, private individual accounts have proven more expensive to manage than collective claims. In fact, according to the Inter-American Development Bank, by the mid-1990s administration of the Chilean system was the most expensive in Latin America. The second disproved claim involves yield. When administrative costs are discounted, privately held and administered pension funds in Chile show an average annual real return of 5.1 per cent between 1982 and 1998. Furthermore high fees and commissions-charged at a flat rate on all accounts-have proven highly regressive. When levied against a relatively modest retirement account, for example, these standard fees reduced the amount available to the account holder by approximately 18 per cent. When applied to the deposit of an individual investing 10 times more, the reduction was slightly less than 1 per cent. The third discrepancy involves competition. Although it was assumed that efficiency within the private pension fund industry would be associated with renewed competitiveness-while the public pension system represented monopoly-the private sector has in fact become highly concentrated. The three largest pension fund administrators in Chile handle 70 per cent of the insured. And to reduce advertising costs, public regulators are limiting the number of transfers among companies that any individual can make. A fourth unfulfilled promise of privatization in Chile has to do with expansion of coverage. It was assumed that the existence of private accounts would increase incentives for people to take part in the pension sc heme, but in fact this has not happened. Coverage and compliance rates have remained virtually constant. A fifth major claim was that the conversion of the public pension system into privately held and administered accounts would strengthen capital markets, savings and investment. But a number of studies have recently concluded that, at best, this effect has been marginal. And finally, the dimension of gender equity within a fully privatized pension scheme is being subjected to increasing scrutiny. Women typically earn less money and work fewer years than men. Therefore, since pension benefits in private systems are strictly determined by the overall amount of money contributed to them, women are likely to receive considerably lower benefits. Public pension systems, in contrast, have the possibility of introducing credits for childcare that reduce this disadvantage. Sweden is an example of countries that have embarked on this course. In the latter part of the paper, Huber and Stephens widen their comparative framework to include recent pension reforms in advanced industrial countries. There, where economic crisis was not as severe and where pressure from international financial institutions was not significant, much broader options for reform were available. In fact, although long-established systems were under stress, no developed country opted for complete privatization. Complex measures were taken to strengthen the funding base of national pension systems, including changes in investment procedures and changes in rules for calculating pension benefits. Reforms also increased retirement age, as well as the number of years required to qualify for a full pension. But even the most thoroughgoing reforms retained a central role for public schemes in ensuring old-age benefits. In conclusion, the authors consider steps that can be taken to craft pension reforms with more desirable results than those obtained to date in Latin America. They recommend measures that address the problem of an aging population by increasing the ability of each generation to pay for its own pensions-rather than relying primarily on the contributions of preceding generations of insured workers. Pension payments should be invested in a variety of financial instruments and benefits must ultimately be related to the yields obtained. Such a strategy does not require introduction of privately managed, individually held, investment funds. On the contrary, risk is lessened by relying instead on collectively managed funds, in which accounts can either be identified with individuals or-more equitably-with generations of contributors. Reformed public pension systems should also contain minimum "citizenship pensions" that guarantee subsistence income in old age to all individuals as a matter of right. Such a measure, financed from general tax revenue rather than from personal contributions, is not beyond the means of medium income countries in Latin America and the Caribbean. In fact, some Nordic countries introduced citizenship pensions when their GNP per capita was lower than that of most Latin American countries today.
Old Age In The Welfare State
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Author : John Myles
language : en
Publisher:
Release Date : 1989
Old Age In The Welfare State written by John Myles and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
The Political Economy Of Pension Policy Reversal In Post Communist Countries
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Author : Sarah Wilson Sokhey
language : en
Publisher: Cambridge University Press
Release Date : 2017-10-26
The Political Economy Of Pension Policy Reversal In Post Communist Countries written by Sarah Wilson Sokhey and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-26 with Business & Economics categories.
This book examines how and why policies are reversed by focusing on post-communist backtracking on pension privatization.
The Political Economy Of Pensions
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Author : Richard Lee Deaton
language : en
Publisher:
Release Date : 1989
The Political Economy Of Pensions written by Richard Lee Deaton and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989 with Business & Economics categories.
In 2011, the 'Baby Boom' generation will begin to retire. Bythen, the stark reality of the 'greying' of the population inNorth America and Western Europe will have brought the inadequacies ofthe state and private pension systems home to all levels of society,and the pension crisis will be actual rather than impending. In ThePolitical Economy of Pensions, Richard Deaton explores the factorsinvolved in this high-profile issue of public policy and shows theinsufficiency of recent reform initiatives in Canada, the UnitedStates, and Britain. Four converging considerations explain theimminence of the pension crisis.