The Costs of Demographic and Economic Crises - Challenges to Pension Systems Reform

Daniel Nicolae Militaru ()
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Daniel Nicolae Militaru: University of Craiova, Romania

Annals of the University of Petrosani, Economics, 2011, vol. 11, issue 4, 175-182

Abstract: As the economic and financial crisis accelerates worldwide, covering the expenses driven by an aging population is a challenge both now and in the future for the pension systems. Thus it is necessary to adopt sustainable reforms to cushon the expected impact of these crises on the budget. In general, the strongest pressure occurs on pay-as-you-go (PAYG) pension systems. It is also essential that the reforms on pension systems should be accompanied by anti-crisis policies concerning the financial sector, the labour market and public finances.

Keywords: demographic crisis; reforming the pension system; pension costs; anti-crisis policy; private pension funds (search for similar items in EconPapers)
JEL-codes: E62 H55 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:pet:annals:v:11:y:2011:i:4:p:175-182

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