Debt and Social Security

Thomas Poufinas (), George Galanos and Charalampos Agiropoulos
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Thomas Poufinas: Democritus University of Thrace
George Galanos: University of Piraeus
Charalampos Agiropoulos: University of Piraeus

Chapter Chapter 6 in Debt in Times of Crisis, 2021, pp 191-213 from Springer

Abstract: Abstract Social security has been debated to be one of the contributors of sovereign debt, especially during the latest (2008) financial crisis and the debt crisis that followed it. A series of econometric models is employed to find evidence that (at a significance level that depends on the model) public debt is positively correlated with pension assets, pension spending, pension benefits, health expenditure, unemployment, as well as GDP per capita. It is negatively correlated with contributions, social expenditure and FDI. Furthermore, looking at private debt, we realize that (at a significance level that depends on the model) it is positively correlated with pension assets, social expenditure, GDP per capita, FDI and unemployment. It is negatively correlated with pension spending, contributions, benefits and pension assets. These findings can be of use to the competent authorities that wish to steer the pension and social security components in order to contain sovereign debt.

Keywords: Debt; Social security; Pensions; Health expenditure; Social expenditure; Contributions (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-74162-4_6

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DOI: 10.1007/978-3-030-74162-4_6

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