Social Security Reform in the US: Lessons from Hungary

András Simonovits ()
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András Simonovits: Institute of Economics, Hungarian Academy of Sciences

No 602, CERS-IE WORKING PAPERS from Institute of Economics, Centre for Economic and Regional Studies

Abstract: The partial privatization of the US Social Security system was clearly the top economic policy priority for the new Bush administration. While many famous economists, publicists and politicians support, others reject the partial privatization of the Social Security system. The international comparisons have been quite infrequent, concentrated on few countries (Chile, Great Britain and Sweden) and left out similar reforms introduced in similar situations, like in Hungary, Poland and other ex-communist countries. In this article I try to make up for this omission and outline the lessons from the Hungarian reform, started in 1998. The conclusion is simple: such a reform is possible but does not solve the problems of social security.

Keywords: Social Security; Pensions; Prefunding of pensions; United States; Hungary (search for similar items in EconPapers)
JEL-codes: H55 J26 (search for similar items in EconPapers)
Date: 2006-04-24, Revised 2006-04-24
New Economics Papers: this item is included in nep-pbe, nep-pub and nep-tra
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