Pension Reform in Southeastern
            Europe : Linking to Labor and Financial Market Reforms

Holzmann, Robert; MacKellar, Landis; Repansek, Jana

dc.creator	Holzmann, Robert
dc.creator	MacKellar, Landis
dc.creator	Repansek, Jana
dc.date	2012-03-19T10:02:26Z
dc.date	2012-03-19T10:02:26Z
dc.date	2009
dc.date.accessioned	2023-02-17T20:38:35Z
dc.date.available	2023-02-17T20:38:35Z
dc.identifier	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000333037_20090127222204
dc.identifier	978-0-8213-7558-7
dc.identifier	http://hdl.handle.net/10986/2587
dc.identifier.uri	http://localhost:8080/xmlui/handle/CUHPOERS/242990
dc.description	The reform of public pension systems and, more generally, the review of old-age income support are on the reform agenda worldwide. The reform discussion is more intense in countries where population aging is well advanced, including the member countries of the Organization for Economic Co-operation and Development (OECD), much of Latin America, China, Russia, and the former transition economies of Southeastern Europe (SEE). But developing countries in the global South are also awakening to the challenges of aging and old-age income support in view of changing family structures, urbanization, and migration. Over 80 percent of the increase in the numbers of persons age 65 and older up to 2050 will take place in countries with current per capita incomes of US$1,000 and below. Whereas the North grew rich before becoming old, the South risks becoming old before becoming rich. The remainder of the chapter attempts to substantiate this point. The next section briefly describes aging and its fiscal implications in the light of demographic developments in the countries of Southeastern Europe. There follows an outline of the drivers of pension reform that go beyond population aging and have to be understood when choosing among reform options. Subsequent sections take up recent international reform trends and lessons and underline key points concerning the labor market and financial market reforms needed to support pension reform. The chapter ends with some concluding remarks.
dc.language	English
dc.publisher	World Bank
dc.relation	Directions in Development ; finance
dc.rights	CC BY 3.0 IGO
dc.rights	http://creativecommons.org/licenses/by/3.0/igo
dc.rights	World Bank
dc.subject	AGE-EARNINGS
dc.subject	AGE-EARNINGS PROFILES
dc.subject	ASSET ALLOCATION
dc.subject	ASSET CLASS
dc.subject	ASSET PORTFOLIO
dc.subject	ASSET VALUE
dc.subject	AVERAGE EARNINGS
dc.subject	BALANCE SHEETS
dc.subject	BANKS
dc.subject	BENEFICIARIES
dc.subject	BENEFIT FORMULA
dc.subject	BEST PRACTICE
dc.subject	CALCULATION
dc.subject	CALCULATIONS
dc.subject	CAPITAL MARKET
dc.subject	CAPITAL MARKET DEVELOPMENT
dc.subject	CAPITAL MARKETS
dc.subject	CARE FOR CHILDREN
dc.subject	CENTRAL BANK
dc.subject	CENTRAL BANKS
dc.subject	CENTRAL DEPOSITORY
dc.subject	COMPULSORY CONTRIBUTIONS
dc.subject	CONTINGENCIES
dc.subject	CONTINGENT LIABILITIES
dc.subject	CONTRIBUTION
dc.subject	CONTRIBUTION RATE
dc.subject	CONTRIBUTIONS
dc.subject	CORPORATE BONDS
dc.subject	CURRENCY
dc.subject	CURRENT PENSION
dc.subject	DEPOSITS
dc.subject	DEPRECIATION
dc.subject	DISABILITIES
dc.subject	DISABILITY
dc.subject	DISABILITY BENEFITS
dc.subject	DISABILITY INSURANCE
dc.subject	DIVERSIFICATION
dc.subject	DIVORCE
dc.subject	DIVORCES
dc.subject	EARLIER RETIREMENT
dc.subject	EARLY RETIREMENT
dc.subject	EARNINGS
dc.subject	EARNINGS OF WOMEN
dc.subject	ECONOMIC ACTIVITY
dc.subject	EXCHANGE RATES
dc.subject	FAMILY STRUCTURES
dc.subject	FINANCES
dc.subject	FINANCIAL AFFAIRS
dc.subject	FINANCIAL ASSETS
dc.subject	FINANCIAL INCENTIVES
dc.subject	FINANCIAL INFRASTRUCTURE
dc.subject	FINANCIAL INSTRUMENTS
dc.subject	FINANCIAL LITERACY
dc.subject	FINANCIAL MARKET
dc.subject	FINANCIAL MARKET DEVELOPMENT
dc.subject	FINANCIAL MARKETS
dc.subject	FINANCIAL POLICY
dc.subject	FINANCIAL RISKS
dc.subject	FINANCIAL SECTOR
dc.subject	FINANCIAL SECTOR DEVELOPMENT
dc.subject	FINANCIAL SERVICES
dc.subject	FINANCIAL SYSTEM
dc.subject	FINANCIAL SYSTEMS
dc.subject	FUND ASSET
dc.subject	FUND ASSETS
dc.subject	FUND MANAGEMENT
dc.subject	FUTURE VALUES
dc.subject	GLOBALIZATION
dc.subject	GOVERNMENT POLICIES
dc.subject	GOVERNMENT POLICY
dc.subject	GROSS DOMESTIC PRODUCT
dc.subject	HOUSEHOLD APPLIANCES
dc.subject	HOUSEHOLD SAVINGS
dc.subject	IMPLICIT TAX
dc.subject	INCOME
dc.subject	INCOME REPLACEMENT
dc.subject	INCOME SOURCES
dc.subject	INDIVIDUAL ACCOUNTS
dc.subject	INDIVIDUAL PENSION
dc.subject	INDIVIDUAL RETIREMENT
dc.subject	INDIVIDUAL RETIREMENT ACCOUNTS
dc.subject	INDIVIDUAL SAVINGS
dc.subject	INTERNATIONAL BANK
dc.subject	INTERNATIONAL STANDARDS
dc.subject	INVESTING
dc.subject	INVESTMENT CLIMATE
dc.subject	INVESTMENT FUND
dc.subject	INVESTMENT PERFORMANCE
dc.subject	INVESTMENT REGULATIONS
dc.subject	INVESTMENT RETURNS
dc.subject	INVESTMENT STRATEGIES
dc.subject	INVESTMENT STRATEGY
dc.subject	LABOR FORCE
dc.subject	LABOR MARKET
dc.subject	LABOR MARKET PERSPECTIVE
dc.subject	LABOR MARKETS
dc.subject	LIFE EXPECTANCIES
dc.subject	LIFE EXPECTANCY
dc.subject	LIFE SPANS
dc.subject	LIFETIME
dc.subject	LONG-TERM CARE
dc.subject	MACROECONOMIC PERFORMANCE
dc.subject	MACROECONOMIC POLICY
dc.subject	MACROECONOMIC STABILITY
dc.subject	MANDATORY PENSION FUNDS
dc.subject	MARKET DEVELOPMENTS
dc.subject	MARKET ECONOMY
dc.subject	MARKET FAILURES
dc.subject	MARKET INTEGRATION
dc.subject	MARKET PARTICIPANTS
dc.subject	MARKET REFORM
dc.subject	MARKET REFORMS
dc.subject	MONETARY FUND
dc.subject	NATIONAL BANK
dc.subject	NET ASSET
dc.subject	OLD-AGE PENSION
dc.subject	OLD-AGE PENSIONS
dc.subject	OLDER WORKERS
dc.subject	PENSION
dc.subject	PENSION ASSETS
dc.subject	PENSION BENEFITS
dc.subject	PENSION COVERAGE
dc.subject	PENSION FUND
dc.subject	PENSION FUND ASSETS
dc.subject	PENSION FUNDS
dc.subject	PENSION ISSUES
dc.subject	PENSION PRODUCTS
dc.subject	PENSION PROVISION
dc.subject	PENSION REFORM
dc.subject	PENSION REFORM DEVELOPMENTS
dc.subject	PENSION REFORMS
dc.subject	PENSION RIGHTS
dc.subject	PENSION SAVINGS
dc.subject	PENSION SCHEME
dc.subject	PENSION SCHEMES
dc.subject	PENSION SPENDING
dc.subject	PENSION SYSTEM
dc.subject	PENSION SYSTEM REFORM
dc.subject	PENSION SYSTEMS
dc.subject	PENSIONERS
dc.subject	PENSIONS
dc.subject	PERSONAL SAVINGS
dc.subject	PORTFOLIOS
dc.subject	PRIMARY EDUCATION
dc.subject	PRIVATE PENSION
dc.subject	PRIVATE SAVING
dc.subject	PRIVATE SAVINGS
dc.subject	PROBABILITY
dc.subject	PRODUCTIVITY
dc.subject	PUBLIC BUDGET
dc.subject	PUBLIC DEBT
dc.subject	PUBLIC EXPENDITURE
dc.subject	PUBLIC EXPENDITURES
dc.subject	PUBLIC FINANCE
dc.subject	PUBLIC FINANCES
dc.subject	PUBLIC PENSION
dc.subject	PUBLIC PENSION SCHEMES
dc.subject	PUBLIC PENSIONS
dc.subject	RATES OF RETURN
dc.subject	REGULATORY FRAMEWORK
dc.subject	REPLACEMENT RATE
dc.subject	REPLACEMENT RATES
dc.subject	RETIRED
dc.subject	RETIRED WORKERS
dc.subject	RETIREMENT
dc.subject	RETIREMENT AGE
dc.subject	RETIREMENT AGES
dc.subject	RETIREMENT BENEFITS
dc.subject	RETIREMENT DECISIONS
dc.subject	RETIREMENT INCENTIVES
dc.subject	RETIREMENT INCOME
dc.subject	RETIREMENT INCOMES
dc.subject	RETIREMENT PENSION
dc.subject	RETIREMENT PRODUCTS
dc.subject	RETIREMENT PROGRAMS
dc.subject	RETIREMENT SAVINGS
dc.subject	RETIREMENT-INCOME
dc.subject	SAVERS
dc.subject	SAVINGS FOR RETIREMENT
dc.subject	SECURITIES
dc.subject	SENIOR
dc.subject	SEVERANCE PAY
dc.subject	SOCIAL EXCLUSION
dc.subject	SOCIAL INSURANCE
dc.subject	SOCIAL INSURANCES
dc.subject	SOCIAL PROTECTION
dc.subject	SOCIAL RISK MANAGEMENT
dc.subject	SOCIAL SECURITY
dc.subject	SOCIAL SECURITY CONTRIBUTIONS
dc.subject	SOCIAL WELFARE
dc.subject	SOURCES OF PENSION
dc.subject	SPECTRUM OF RISKS
dc.subject	STATE PENSION
dc.subject	STOCK EXCHANGE
dc.subject	STOCKS
dc.subject	SUPERVISORY AUTHORITY
dc.subject	TAX
dc.subject	TAX BENEFITS
dc.subject	TAX BREAKS
dc.subject	TAX RATES
dc.subject	TAX REGIME
dc.subject	TAX TREATMENT
dc.subject	TRANSACTION
dc.subject	TRANSITION ECONOMIES
dc.subject	TYPES OF PENSION
dc.subject	UNEMPLOYED
dc.subject	UNEMPLOYMENT
dc.subject	UNEMPLOYMENT BENEFITS
dc.subject	VALUABLE
dc.subject	WAGE
dc.subject	WAGE GAP
dc.subject	WAGES
dc.subject	WELFARE STATE
dc.subject	WITHDRAWAL
dc.subject	WORKING LIFE
dc.subject	WORKING LIVES
dc.subject	YEARLY SAVING
dc.subject	YOUNG ADULTS
dc.subject	YOUNG CHILDREN
dc.subject	YOUNGER WORKERS
dc.title	Pension Reform in Southeastern Europe : Linking to Labor and Financial Market Reforms
dc.type	Publications & Research :: Publication
dc.type	Publications & Research :: Publication
dc.coverage	Europe and Central Asia
dc.coverage	Southeastern Europe
dc.coverage	Balkans