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Pension reform in the Baltic States : convergence with "Europe" or with "the world"?
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Casey, Bernard H. (2004) Pension reform in the Baltic States : convergence with "Europe" or with "the world"? International Social Security Review, Volume 57 (Number 1). pp. 19-45. doi:10.1111/j.1468-246X.2004.00179.x ISSN 0020871X.
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Official URL: http://dx.doi.org/10.1111/j.1468-246X.2004.00179.x
Abstract
The Baltic States – Estonia, Latvia and Lithuania – join the European Union in 2004. This paper examines pension reform in the three countries over the past decade in the light of the “European social model” and the “World Bank model”. Part one seeks to define these two models. It shows how the former emphasizes income adequacy and solidarity while the latter stresses fiscal sustainability, savings and economic growth. Part two looks at reforms made and proposed. Initial reforms involved raising the retirement age and relating benefits more closely to earnings and service. This resulted in the establishment of pension systems similar to those in many European countries. Subsequent reforms involved attempts to shift from a publicly financed, purely “pay-as-you-go” system to one based upon “funding” and private, individual accounts. Such systems have been promoted by the World Bank. The appropriateness of this approach – its high transition costs, potentially high administration costs, and longer-term implications for the relative income status of retired people – is questioned. Part three draws conclusions. In the short and medium term, policymaker should safeguard income adequacy rather than seek the doubtful advantages of funding – in other words, look more to “Europe” than to “the world”.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HJ Public Finance J Political Science > JN Political institutions (Europe) |
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| Divisions: | Faculty of Social Sciences > Institute for Employment Research | ||||
| Library of Congress Subject Headings (LCSH): | Pensions -- Estonia, Pensions -- Latvia , Pensions -- Lithuania, European Union -- Pensions | ||||
| Journal or Publication Title: | International Social Security Review | ||||
| Publisher: | Wiley-Blackwell Publishing Ltd. | ||||
| ISSN: | 0020871X | ||||
| Official Date: | 12 January 2004 | ||||
| Dates: |
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| Volume: | Volume 57 | ||||
| Number: | Number 1 | ||||
| Number of Pages: | 26 | ||||
| Page Range: | pp. 19-45 | ||||
| DOI: | 10.1111/j.1468-246X.2004.00179.x | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Restricted or Subscription Access |
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