Pension reform in the Czech Republic: Not a Lost Case?

Ondrej Schneider ()

No 2006/02, Working Papers IES from Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies

Abstract: In this paper, we combine macro and microeconomic approaches to a pension reform. First, we modify an OLG model and estimate macroeconomic effects of a pension systém switch from a pure PAYG to a mixed system. Second, we employ macroeconomic results in a microeconomic simulation in which we estimate individual welfare gains for various income groups in each cohort affected by the pension reform. We propose an unorthodox sequencing of the pension reform in which the pre-retirement generations would enter the reformed system first. This sequencing maintains the Pareto efficiency condition for all age cohorts, but it gives governments more flexibility in the reform process.

Keywords: pension systems; pay-as-you-go; pension reform; funded pillar (search for similar items in EconPapers)
JEL-codes: C68 E17 H55 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2006-01, Revised 2006-01
New Economics Papers: this item is included in nep-mac and nep-pbe
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