- Benedict Clements, David Coady, Frank Eich, Sanjeev Gupta, Alvar Kangur, Baoping Shang, and Mauricio Soto
- Published Date:
- January 2013
© 2012 International Monetary Fund
Joint Bank-Fund Library
The challenge of public pension reform in advanced and emerging market economies / Benedict Clements … [et al.] – Washington, D.C. : International Monetary Fund, 2012.
p. ; cm.
Includes bibliographical references and index.
1. Pensions. 2. Pensions – Developed countries. 3. Pensions – Developing countries. I. Clements, Benedict J. II. International Monetary Fund.
Disclaimer: The views expressed in this book are those of the authors and should not be reported as or attributed to the International Monetary Fund, its Executive Board, or the governments of any of its member countries.
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Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. Meeting this challenge has become even more important in the wake of the Great Recession, which has left many countries with elevated public debt levels. In emerging market economies, the challenges are often different. Where pension coverage is extensive—for example, in emerging Europe—the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner.
This Occasional Paper by the IMF’s Fiscal Affairs Department aims to assist IMF member countries in their efforts to meet these challenges. It does so by examining the current pension landscape and by analyzing the outlook for public pension spending over the coming decades in 53 advanced and emerging market economies. Options for reform are presented based on this analysis.
This Occasional Paper builds on “The Challenge of Public Pension Reform in Advanced and Emerging Economies,” a paper prepared by the IMF’s Fiscal Affairs Department and presented to the IMF’s Executive Board in January 2012. This volume presents updated projections based on the latest country-specific information available. In addition, it provides a more detailed discussion of the demographic challenges facing countries.
Sanjeev Gupta of the Fiscal Affairs Department directed the work. A staff team led by Benedict Clements and David Coady, and including Frank Eich, Alvar Kangur, Baoping Shang, and Mauricio Soto, prepared the manuscript. Contributions were also received from Javier Kapsoli, Kenichiro Kashiwase, Masahiro Nozaki, and Vimal Thakoor. Special thanks are due to Lilla Nemeth and Matias Antonio for their research support, Jeffrey Pichocki and Mileva Radisavljevic for administrative assistance, and Cathy Gagnet and Joanne Johnson of the External Relations Department for editing and coordinating production of this publication.
Asian Development BankDB
defined contributionDG ECFIN
European Commission Directorate General for Economic and Financial AffairsEC
European System of Integrated Social Protection StatisticsILO
International Labour OrganizationLFPR
labor force participation rateNDC
notional defined contributionNPV
net present valueOECD
Organisation for Economic Co-operation and DevelopmentPDV
present discounted valuePPF
Pension Protection Fund
Owing to space constraints the abbreviations listed below have been used in the figures in this Occasional Paper.
|Advanced Economies||Emerging Market Economies|