Efficiency of Pension Systems in the EU Countries

Mihai Daniel Roman (), Georgiana Cristina TOMA (roşu) () and Gabriela Tuchiluş ()
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Mihai Daniel Roman: Department of Informatics and Economic Cybernetics, The Bucharest University of Economic Studies
Georgiana Cristina TOMA (roşu): The Bucharest University of Economic Studies.
Gabriela Tuchiluş: The Bucharest University of Economic Studies.

Journal for Economic Forecasting, 2018, issue 4, 161-173

Abstract: Demographic projections imply that the pension costs will increase in the future, which puts pressure on the government budgets. European countries are also worried about this phenomenon and have worked to define and adopt reforms to help improve the way that pensions are run. Our aim is to analyze and to compare the efficiency of the pension systems in 26 European Union countries using Chybalsky’s approach for 2011-2015 period. Using three economic and social dimensions (in static and dynamic approach), respectively the GDP-distribution efficiency, the adequacy efficiency and the labor market efficiency we conduct a cluster analysis in order to classify the European Union countries from the perspective of pension system efficiency. Thus, the Hungarian, the Luxembourgian and the Romanian pension systems are revealed to be the most efficient ones. At the opposite side, the worst pension systems are reported in Greece, Portugal and Italy.

Keywords: cluster analysis; efficiency; pension reform; pension system (search for similar items in EconPapers)
JEL-codes: C38 H55 H75 J26 (search for similar items in EconPapers)
Date: 2018
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:rjr:romjef:v::y:2018:i:4:p:161-173

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