0000000000231031
AUTHOR
Florin Cornel Dumiter
Modeling the Macroeconomic Effects of Pension Systems
This chapter aims to achieve a socioeconomic perspective on the financial resources of the elderly population, considering the recommendation of international bodies as OECD, WB, EC to diversify financial resources, on one hand by joining private pension funds and, on the other hand by increasing the degree of personal saving. The objective of this chapter pursued the econometric study of the macroeconomic effects of pension systems, in terms of the close correlation between several specific indicators oriented toward macroeconomic stability, the development of the financial sector, and the structure of national pension systems in CEE countries.
Trends Regarding the Evolution of the Romanian Pension System
Abstract The pension system, together with the social assistance services form the social security system is recognized worldwide throughout the adoption of the Universal Declaration of Human Rights for the purpose of insured person compensation for damages regarding some inherent risks as: permanent or temporary inability of work, old age or unemployment. The main objectives of a pension system are decreasing poverty regarding the lower income persons throughout the conditions of limitation of the working capacity which are financially vulnerable. In this article we provide a qualitative and quantitative overview regarding the Romanian pension system structure and mechanism. The conclusion…
Econometric Study on the Financial Sustainability of Public Pension Systems
This chapter aims the econometric study regarding the financial sustainability of public pension systems in CEE countries, by establishing correlations between the level of state social insurance budget revenues and expenditures, and the socioeconomic indicators specific to pension systems.
Conclusions and Final Remarks
The elaboration of this book is based on the theoretical and empirical study of the effects that the new demographic conditions and globalization show on the social protection systems and especially on the sustainability of the PAYG public pension systems implemented in CEE countries.
Empirical Approaches Upon Pension Systems in Central and Eastern European Countries. Triangle Assessment: Free Movement of People, Labor Market and Population Health Features
Abstract Nowadays, around the world, it can be noticed an important trend towards the pension system reforms. The creation of the European fiscal space, the effects of globalization and the movement of the labour force are important vectors towards creating a new type of social economy. The labour force is constantly moving around the countries that gathered important amounts of capital, especially in industrialized countries. Moreover, the lower levels of the birth rate combined with the increasing level of death rate unbalance the labour market. The entire European continent undergoes a demographical transition period, highlighted by aging and intensive migration. This phenomenon is regis…
Overview of Pension Systems
Understanding the configuration of social protection and pension systems can be achieved only from a sociohistorical perspective upon the framework in which these emerged and developed.
The Importance and Role of Social Policy in Maintaining Macroeconomic Stability
Pension systems have the role of reducing the financial risk associated with the loss of the ability to carry out professional activities for income, a risk that determines poverty and is associated with severe material deprivation. The objective of this chapter is to emphasize the role of social policy in society and in macroeconomic policies in order to maintain socioeconomic stability and promote sustainable economic growth.
Macroeconomic Impact of Pension System Upon Private Pension Funds Scheme. Empirical Evidence from Central and Eastern European Countries
Abstract The significance of retirement savings and private pension funds increased in the latest decades and gathered important amounts of capitals. The purpose of this paper is to investigate the macroeconomic effects of pension systems from an investment perspective in five Central and Eastern European countries. The analyzing process regarding several underlying macroeconomic effects of pension systems started from the premises that there is a strong connection between the structure of pension systems, the national economy and the development of the financial sector. The econometric tests were processed and applied by using pool data regression models and the method Pooled Instrumental …
Socioeconomic and Medical Approaches upon Pensions Systems
The social protection of citizens was an essential issue for all countries, regardless of the form of government, sociocultural characteristics, and economic system. In this chapter, we aim to identify the factors, which determined the configuration of the current pension systems implemented in the five CEE countries.
Financial Sustainability of Public Pension System
The object of this chapter is the presentation of the budgetary system of public pension schemes in CEE countries, in terms of salary incomes taxation, in order to obtain the resources needed to finance social benefits, but also from the perspective of the level of benefits and the situation of budgetary balance.
Modeling the Impact of Socioeconomic and Medical Characteristics on Public Pension Systems in Central and Eastern European Countries
Due to the direct link between the structure of the labor market and public pension systems, some important aspects are highlighted in this chapter regarding the correlation between the level of budget expenditures with social insurance and national economic development, demographic and medical characteristics of the population. Based on other works on the field of social protection and pension systems, an empirical study was conducted following three dimensions of social protection systems, namely, economic, social, and medical features.
Private Pension Funds
The sociodemographic situation in CEE, characterized by the reduction of birth rate and increased share of elderly, draws attention to national social protection systems and in particular to public pension systems. The direct link between the labor market and public pension systems, based on the principle of social solidarity between generations, runs the risk of diminishing budgetary resources obtained from social contributions, while spending on benefits will increase, due to a higher number of beneficiaries, as well as due to the increase in life expectancy, which will determine that the period for which the benefits will be provided will be longer.
The Correlation Between Human Capital and Gross Added Value in the Bioeconomy Sectors at the European Union (EU) Country Level
Abstract The paper aims to prove the link between human capital and gross added value in bioeconomy sectors in the EU countries. Data from EUROSTAT data base regarding employment and gross added value in 6 bioeconomy sectors were used in a cross-country regression analysis. The econometric analysis of cross-country data shows a positive correlation between human capital in bioeconomy sectors and their gross output in 2015 in 26 European countries. It is found also that the correlation is stronger in the highly developed economies as in the central-eastern countries, as well as in the European economy.
Personal Savings and Investments in the Financial Market
After 1998, CEE countries underwent an extensive reform process toward compliance with the new political, economic, and sociodemographic conditions. Reduced birth rate, increased life expectancy, and migration are challenges for PAYG public pension systems, which are directly dependent on the labor market and funding based on social security contributions paid by all earners and other wage earners. This chapter aims to give a socioeconomic perspective regarding personal saving, through various instruments offered by the banking and capital market, to supplement the financial resources of the elderly during retirement.