Penzijní reforma v ČR: konverze ke kombinovanému systému s ohledem na limity fiskální politiky

Pension reform in the Czech republic: a switch to mixed system with regard for limits of fiscal policy

David Marek

Politická ekonomie, 2008, vol. 2008, issue 1, 80-101

Abstract: The Czech Republic is going to face ageing of its population. It will affect the economy in many ways. The pension system is one of them. This paper provides a view on possibilities how to insure long-term stability of the pension system in the Czech Republic using a mix of pay-as-you-go and fully funded system. Simulations are based on OLG model, long-term demographic forecast and limits of fiscal policy stemming from the necessity to fulfill Maastricht criteria and The Stability and Growth Pact. Those obligations creates a frontier for plausible solutions. Results suggest that it is possible to find a solution for mixed system providing more favorable conditions than purely parametric changes of PAYG. Taking into account fiscal limits, the contribution rate to the FF pillar would be similar to the rates in other CEE countries where pension reform already started.

Keywords: pension system; fiscal policy; social security; funded pillar; pay-as-you-go; public pensions; overlapping-generations model; ageing population (search for similar items in EconPapers)
JEL-codes: E17 G23 H55 (search for similar items in EconPapers)
Date: 2008
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DOI: 10.18267/j.polek.632

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