Sustainability of the Slovenian Pension System: An Analysis with an Overlapping-Generations General Equilibrium Model

Verbič, Miroslav; Majcen, Boris; Nieuwkoop, Renger van

doi:10.2753/eee0012-8775440403

Cited by 15 publications

(8 citation statements)

References 8 publications

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“…At the end, as suggested by Verbič et al (2006), the only effective policy aimed at increasing the effective retirement age may very well be increasing the statutory retirement age.…”

Section: Discussionmentioning

confidence: 99%

“…When the increasingly noticeable unfavourable demographic developments were taken into account, it became clear that the pension system, implemented with the 1992 Pension and Disability Insurance Act (PDIA), would not be able to sustain the pressure (cf. Verbič et al, 2006;Verbič, 2007). This became evident in 1996, when the state pension fund needed additional financing from the central budget for the first time.…”

Section: Introductionmentioning

confidence: 97%

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Retirement decisions in transition: microeconometric evidence from Slovenia

Polanec

Ahčan

Verbič

2013

Post-Communist Economies

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We are grateful to the Statistical Office of the Republic of Slovenia (SORS) for provision of the data. The data were analyzed in a safe room. AbstractIn this article, we analyse old-age retirement decisions of Slovenian men and women, eligible to retire in the period [1997][1998][1999][2000][2001][2002][2003]. In comparison to established market economies, we find relatively high hazard rates of retirement that decline with age. This unusual pattern can partly be attributed to weak incentives to work, inherent in the design of the pension system and reflected in predominantly negative values of accruals, and to transition-specific increase in wage inequality in the late 1980s and early 1990s. This is reflected in low wages and relatively high pensions of less productive (skilled) workers and vice versa. We find that the probability of retirement decreases with option value to work and net wages, although the response to the former, when controlling for the latter, is rather weak. Our results also imply that less educated individuals and individuals with greater personal wealth are more likely to retire.

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“…At the end, as suggested by Verbič et al (2006), the only effective policy aimed at increasing the effective retirement age may very well be increasing the statutory retirement age.…”

Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 97%

Retirement decisions in transition: microeconometric evidence from Slovenia

Polanec

Ahčan

Verbič

2013

Post-Communist Economies

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“…Slovenia, a former Yugoslav country that inherited the Yugoslav PAYE pension system, was the fi rst country within Yugoslavia that faced issues related to the ageing of the population and the need to reform the pension system. Authors such as Verbič, Majcen and Van Nieuwkoop (2006), Verbič (2007) and Verbič (2008) used a dynamic OLG general equilibrium model to provide an analysis of the ageing population in Slovenia and the associated challenges for the Slovenian pension system. Current research for the case of Slovenia (for example, OECD, 2015) further investigates the effects of demographic trends and the effects that ageing has on public fi nances as well as possible means of solving such issues.…”

Section: Literature Reviewmentioning

confidence: 99%

The analysis of perceptions and attitudes related to ageing in the Federation of Bosnia and Herzegovina

Pijalović¹,

Lazović-Pita²,

Peštek³

2018

pse

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The problem of an ageing population has only recently gained attention in Bosnia and Herzegovina (BIH). Adequate pension reforms cannot be expected if most citizens are unaware of the issues or even oppose the reforms necessary. The primary research is based on opinion survey data collected in the Federation of Bosnia and Herzegovina (FBIH) with a special focus on the fact that the ageing of the population might pose a problem for pension systems in the future. The results show that more than three quarters of the respondents are aware of this problem in FBIH. The logit regression model shows that pensioners, respondents who prefer the primary role of government, those with higher levels of education and reported living standard are more likely to recognise this issue. Improvements in the effi ciency of pension funds, reduction in public spending and active measures aimed at the prevention of emigration from BIH are the solutions most widely recognised.

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“…Thus, high income, its positive dynamics and subjective income satisfaction is an important sign of a high level of well-being. In a range of countries it is found that a person's estimate of her/his material wellbeing, firstly, her/his income, is an important evidence of life perception and satisfaction [1,2]. It means that society's well-being is a factor mediating the relation between a person's income and her/his well-being [3].…”

Section: Introductionmentioning

confidence: 99%

Financial literacy as a key factor for an individual’s social and economic well-being

Filippova¹,

Кашапова²,

Nikitina³

2016

SHS Web of Conferences

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Abstract. Financial literacy is reviewed in the article as a factor influencing any individual's well-being. Characteristics of a financially competent individual are defined. Behavioral mistakes impeding rational decision-making are outlined. Structures bearing the signs of financial pyramids are described as an example of their participants' cognitive limitations. The importance of creating a common information area is stressed. This process is aimed at remedying negative consequences for all economic agents and preventing inefficient financial decisions when executing financial transactions. The major task of the process is to incorporate information about social and economic activity of institutions (state, business and non-governmental) and population in the common information area. Therefore, every economic agent will get prompt and trustworthy information. It will encourage an individual to make financially adequate decisions.

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Sustainability of the Slovenian Pension System: An Analysis with an Overlapping-Generations General Equilibrium Model

Cited by 15 publications

References 8 publications

Retirement decisions in transition: microeconometric evidence from Slovenia

Retirement decisions in transition: microeconometric evidence from Slovenia

The analysis of perceptions and attitudes related to ageing in the Federation of Bosnia and Herzegovina

Financial literacy as a key factor for an individual’s social and economic well-being

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