By Robert Holzmann
Inhabitants getting older is anticipated to impact the functionality of monetary markets in constructed and rising economies at a time while ever extra international locations are counting on funded provisions for previous age source of revenue help. This examine investigates the demanding situations confronted via those former transition international locations within the context of foreign event from the OECD and Latin the US. The overarching end of this learn is that those demanding situations should be addressed yet addressing them would require decided coverage activities to accomplish monetary industry improvement and to advertise monetary literacy via schooling.
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Additional resources for Aging Population, Pension Funds, and Financial Markets: Regional Perspectives and Global Challenges for Central, Eastern and Southern Europe (Directions in Development)
Overall, the EBRD’s transition indicators align closely with the readiness assessment discussed in the previous section, with the possible exception of Hungary, where the EBRD’s transition indicators are perhaps less critical. 67 1998 Source: EBRD 2007. Note: Bold type indicates countries that introduced a funded pension pillar. 00 1998 Source: EBRD 2007. Note: Bold type indicates countries that introduced a funded pension pillar. 00 2007 Financial Systems in CESE Countries 35 countries with comparable levels of income, as is indicated by traditional measures such as domestic credit to the private sector and stock market capitalization (as a share of GDP).
In aging and potentially shrinking populations, the only way to avoid high contribution rates while closing a gap between revenues and expenditures is by increasing labor force participation through job creation and by delaying retirement for elderly workers. This calls for parallel reforms in labor markets and beyond. • Sustainability. Reforms have improved the actuarial position of CESE pension systems to the point where some (such as Poland’s) are even moving toward fiscal balance. In a number of countries, however, systemic reforms were insufficient to achieve sustainability.
Notes 1. Europe and Central Asia (ECA) is the World Bank designation. In the terminology of the European Bank for Reconstruction and Development (EBRD), the areas covered are Central and Eastern Europe and the Baltic region (CEB), Southeastern Europe (SEE), and the Commonwealth of Independent States (CIS). 2. See also Holzmann and Hinz (2005), ch. 7. 3. See ILO (1952, 1967); Council of Europe (1990). 4. See Holzmann (1997a); Glaessner and Valdes (1998); Vittas (1998, 1999); Impavido, Musalem, and Vittas (2002); Holzmann and Hinz (2005).