The Czech Pension System and the Perspectives of Its Reform

Slavík, Michal

doi:10.18267/j.pep.285

Cited by 5 publications

(2 citation statements)

References 6 publications

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“…High level of regulation and investments into safe instruments (most often into governmental bonds) do not result in very high rates of return. One of the drawbacks of the funded system is the limited possibility to convert the savings into some other form of savings without penalisation before reaching the age of retirement (see Slavík 2006).…”

Section: Aaron's Rulementioning

confidence: 99%

Pension Reform in the Czech Republic - A Contribution into the Debate

Loužek¹

2007

Prague Economic Papers

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Abs tract:The pa per is con cerned with pen sion re form in the Czech Re pub lic and abroad. It ar gues against two opin ions: on the one hand, it is not nec es sary to do any thing, and on the other hand, that a man da tory funded sys tem should be im ple mented. Both ap proaches are false be cause of cre at ing over whelm ing ex plicit debts. The au thor rec om mends an evo lu tion ary ap proach based on de creas ing PAYG in com bi na tion with voluntary savings.Keywords: pen sion re form, so cial se cu rity in sur ance, en dog e nous fer til ity, tran si tion, Ricardo-Barro hy poth e sis JEL Clas si fi ca tion: J26, D02, D91, H62 In tro ducti onThe cur rent de bate about the pen sion sys tem is tak ing place be tween two ex tremes: on the one side, there is a rel a tiv ist ap proach ac cord ing to which it is enough to make merely cos metic changes to the pen sion sys tem. On the other side, there are rad i cal propos als for privatisation of the pen sion sys tem based on man da tory pen sion funds. The pur pose of this pa per is to of fer an al ter na tive model of pen sion sys tem re form, which is more mean ing ful as well as more politically feasible.The pay-as-you-go pen sion fi nanc ing sys tem has sunk into a cri sis in the last years. The crit ics com plain that the PAYG sys tem is too rigid and that, as an achieve ment of a wel fare state, it con trib utes to high un em ploy ment, and that the pen sion in sur ance weak ens the stim uli to work and de creases the growth po ten tial of the econ omy (Schneider, 1998). The pay-as-you-go sys tem is an in sti tu tion, which may dis trib ute the cake more equally but limits the size of this cake.Econ o mists had not al ways held such a neg a tive opin ion. Dur ing the 1950s, most peo ple who ex pe ri enced two world wars and the Great De pres sion be lieved that the PAYG sys tem is use ful and cor rect (Breyer, 1989). In a sit u a tion when the growth of wages and pop u la tion ex ceeded the yield in the cap i tal mar ket, it seemed that the de ci -

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Section: Aaron's Rulementioning

confidence: 99%

Pension Reform in the Czech Republic - A Contribution into the Debate

Loužek¹

2007

Prague Economic Papers

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“…Already in early studies on COM-LT, ,,− there were hints of another polymorph, related mainly to halving of the b -axis and a decrease in the monoclinic angle β by ∼2°. It was formally identified as COM-HT in the pioneering work of Deganello, with a structure shown in Figure b.…”

Section: Introductionmentioning

confidence: 99%

Order and Disorder in Calcium Oxalate Monohydrate: Insights from First-Principles Calculations

Shepelenko

Feldman

Leiserowitz

et al. 2019

Crystal Growth & Design

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Calcium oxalate minerals are broadly present in nature. They form through biogenic, geogenic, and pathogenic processes that lead to different pseudopolymorphs. Being the most common solid phase in human nephrolithiasis, calcium oxalate monohydrate (COM) in particular has been the focus of much investigation. It exists in several crystalline forms, two of which appear to be of biological and medical relevance: the low-and hightemperature forms (COM-LT and COM-HT, respectively). While there is broad consensus on the ordered structure of COM-LT, which possesses the P2 1 /n space group symmetry, for COM-HT controversy remains. Experimental results suggest that there is a certain degree of structural disorder in the high-temperature form. However, the exact character of disorder in COM-HT is yet an open question. Here, we examine the effect of the disorder of water molecules on the structure of COM using first-principles calculations based on dispersion-augmented density functional theory. Such calculations allow for controlled examination of specific disorder features and their effect on crystal structure and stability. On the basis of our first-principles analysis, we suggest that in COM-HT each water dimer site is randomly occupied by any of four water dimer arrangements present in COM-LT, leading to statistical 2/m point symmetry at each site and a statistical I2/m space group symmetry.

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Pension system reform in Central and Eastern Europe

Loužek

2008

Post-Communist Economies

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At present, the debate about pension reform in Central Europe is dominated by approaches which may be politically in conflict but have one thing in common: they address the pension system by means of indebtedness. The Czech Republic is too lax concerning modifications to the parameters of the PAYG system, consequently plunging the system into deep deficit. Poland, Hungary and Slovakia put forward a radical reform, which, however, would also be financed by increasing state debt. This article shows that both solutions hide serious pitfalls. Real reform should be budget-neutral, i.e. it should not generate any new budget deficits – whether explicit or implicit. Privatisation of the pension system is a reasonable aim but it should not take place at the cost of indebting future or current generations.

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The Czech Pension System and the Perspectives of Its Reform

Cited by 5 publications

References 6 publications

Pension Reform in the Czech Republic - A Contribution into the Debate

Pension Reform in the Czech Republic - A Contribution into the Debate

Order and Disorder in Calcium Oxalate Monohydrate: Insights from First-Principles Calculations

Pension system reform in Central and Eastern Europe

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