Financial Sustainability of Pension Systems: Empirical Evidence from Central and Eastern European Countries (Financial and Monetary Policy Studies, 52)

The sustainability of public pension systems has become an important aspect for governments and institutions worldwide. This book addresses the multiple elements that influence the sustainability of pension systems with a special focus on central and eastern European countries. Supported by the results of econometric empirical studies, the authors discuss and analyse areas like social economy versus capitalist economy, globalization versus glocalization, population aging versus birth and fertility, emigration versus immigration, early retirement versus prolongation versus professional activity, the sustainability of public pension systems versus the adequacy of benefits provided, public pension systems compared to private pension funds and taxation of salary incomes versus subsidization of state social insurance. Preface Acknowledgments Translator ́s Note Contents List of Figures List of Tables Chapter 1: Introduction Chapter 2: Overview of Pension Systems 2.1 The Emergence and Development of Pension Systems Worldwide 2.2 Social Protection and Pension Systems in the European Union 2.3 Pension Systems in Central and Eastern European States 2.3.1 Social Protection and the Pension System in the Czech Republic 2.3.2 Social Protection and the Pension System in Hungary 2.3.3 Social Protection and the Pension System in Poland 2.3.4 Social Protection and the Pension System in Slovakia 2.3.5 Social Protection and the Pension System in Romania 2.4 Conclusions and Personal Contributions 2.5 Summary References Chapter 3: Socioeconomic and Medical Approaches upon Pensions Systems 3.1 National Culture and Civilization as Factors of Influence of Social Protection Systems 3.1.1 The Cultural System and Social Protection of the Elderly 3.1.2 The Influence of Sociopolitical Organization and the System of Government in Forming the Specific Framework of Social Pr... 3.1.3 The Role of Education in Substantiating Contemporary Pension Systems 3.2 Influence of Demographic Changes on the Labor Market and Pension Systems 3.3 Aspects Regarding the Sociomedical Characteristics of Pension Systems 3.4 Conclusions and Personal Contributions 3.5 Summary References Chapter 4: Modeling the Impact of Socioeconomic and Medical Characteristics on Public Pension Systems in Central and Eastern E... 4.1 General Aspects 4.2 Research Methodology and Data Used 4.3 Empirical Results 4.3.1 Model I: The Economic Impact of Pension Systems 4.3.2 Model II: The Social Impact of Pension Systems 4.3.3 Model III: The Medical Impact of Pension Systems 4.4 Conclusions and Personal Contributions 4.5 Summary References Chapter 5: Private Pension Funds 5.1 Mandatory Private Pension Funds 5.2 Voluntary Private Pension Funds 5.3 Investment Policy of Private Pension Funds in Central and Eastern European Countries 5.4 Conclusions and Personal Contributions 5.5 Summary Annex: Specific Aspects Regarding the Administration of Private Pension Funds in Romania References Chapter 6: Personal Savings and Investments in the Financial Market 6.1 Financial Literacy and the Importance of Financial Inclusion in Central and Eastern European Countries 6.2 Personal Savings Through the Banking System 6.3 Personal Investments in the Stock Market 6.4 Conclusions and Personal Contributions 6.5 Summary References Chapter 7: The Importance and Role of Social Policy in Maintaining Macroeconomic Stability 7.1 The Risk of Poverty and Severe Material Disadvantages Among the Population 7.2 Benefits of Public Pension Systems and the Welfare of the Elderly Population 7.3 Conclusions and Personal Contributions 7.4 Summary References Chapter 8: Modeling the Macroeconomic Effects of Pension Systems 8.1 General Aspects Regarding the Macroeconomic Effects of the Pension Systems 8.2 Research Methodology and Data Used 8.3 Empirical Results 8.3.1 Model I: Macroeconomic Effects of Pension Systems-Ex Ante Provision of Income Through the Social Protection System, Incl... 8.3.2 Model II: Macroeconomic Effects of Pension Systems-Ex Post allocation of Social Benefits Through the Pension System 8.3.3 Model III: Macroeconomic Effects of Pension Systems from an Investment Perspective 8.4 Conclusions and Personal Contributions 8.5 Summary References Chapter 9: Financial Sustainability of Public Pension System 9.1 Fiscal Policy: Implications from the Perspective of the National and European Fiscal Area 9.2 Social Contributions and Tax Compliance 9.3 State Social Insurance Budget 9.4 Conclusions and Personal Contributions 9.5 Summary References Chapter 10: Econometric Study on the Financial Sustainability of Public Pension Systems 10.1 General Aspects Regarding the Sustainability of Public Pension Systems 10.2 Research Methodology and Data Used 10.3 Empirical Results 10.3.1 Model I: Sustainability of Pension Systems in CEE Countries Through SSIB Revenues Empirical Results from the Application of Model I to the Five CEE Countries Empirical Results from the Application of Model I in the Case of the Czech Republic Empirical Results from the Application of Model I in the Case of Hungary Empirical Results Following the Application of Model I in the Case of Romania Empirical Results from the Application of Model I in the Case of Slovakia 10.3.2 Model II: Sustainability of Pension Systems in CEE Countries Through SSIB Pension Expenditures 10.4 Conclusions and Personal Contributions 10.5 Summary References Chapter 11: Conclusions and Final Remarks List of Abbreviations