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On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds

Author: David A Robalino; András Bodor
Publisher: [Washington, D.C.] : World Bank, Middle East and North Africa Region, Human Development Group, [2006]
Series: Policy research working papers, 3966.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
"In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of an earnings-related pension system with pay-as-you-go financing. The authors show that current proxies for the sustainable  Read more...
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Additional Physical Format: Print version:
Robalino, David A.
On the financial sustainability of earnings-related pension schemes with "pay-as-you-go" financing and the role of government indexed bonds.
[Washington, D.C.] : World Bank, Middle East and North Africa Region, Human Development Group, [2006]
(OCoLC)71062858
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: David A Robalino; András Bodor
OCLC Number: 646832524
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (50 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Policy research working papers, 3966.
Responsibility: David A. Robalino, Andras Bodor.

Abstract:

"In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of an earnings-related pension system with pay-as-you-go financing. The authors show that current proxies for the sustainable rate, including the Swedish "gyroscope," are not stable and propose an alternative measure that depends on the growth of the buffer-stock and the pay-as-you-go asset. Using a simple one-sector macroeconomic model that embeds a notional account pension system they then show how GDP indexed government bonds, if combined with the right measure for the sustainable rate of return on contributions, could be used to generate a sustainable and secure earnings-related pension system, without becoming a fiscal burden. The proposal is particularly attractive for countries considering reforms to earnings-related systems that have accumulated a large implicit pension debt. In this case, the government bonds allow the financing of this debt in a transparent way. The proposed mechanism can also facilitate the transition to a fully-funded pension system when the government bonds are allowed to be traded."--World Bank web site.

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