Effects of the Public Sector downsizing on Social Security and public finance

Ioannis Vogiatzis (), Costas Siriopoulos () and Nikolaos Frangos ()
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Ioannis Vogiatzis: University of Patras, Department of Business Administration
Nikolaos Frangos: Athens University of Economics, Department of Statistics

SPOUDAI Journal of Economics and Business, 2014, vol. 64, issue 1, 53-62

Abstract: This paper presents the results of the actuarial valuation method Projected Unit Credit (“benefits/years of service”) in order to assess the effects of the public sector downsizing on real economy and social security in Greece, using a prototype data set. We found a social security loss of about 1.3 bn.€, and the effect on the GDP is estimated -13.6 bn.€ (or -7%). We also report a decrease in the direct income by 6.1 bn.€.

Keywords: Projected Unit Credit Method; Public Sector Downsizing; Pensions; Social Security (search for similar items in EconPapers)
JEL-codes: C58 H55 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:spd:journl:v:64:y:2014:i:1:p:53-62

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