Front Matter

Front Matter

Author(s):
Benedict Clements, David Coady, Frank Eich, Sanjeev Gupta, Alvar Kangur, Baoping Shang, and Mauricio Soto
Published Date:
January 2013
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    © 2012 International Monetary Fund

    Cataloging-in-Publication Data

    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.

    ISBN 9781616354138

    1. Pensions. 2. Pensions – Developed countries. 3. Pensions – Developing countries. I. Clements, Benedict J. II. International Monetary Fund.

    HD7091.C53 2012

    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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    Contents

    Preface

    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.

    Acronyms

    ADB

    Asian Development Bank

    DB

    defined benefit

    DC

    defined contribution

    DG ECFIN

    European Commission Directorate General for Economic and Financial Affairs

    EC

    European Commission

    ESSPROS

    European System of Integrated Social Protection Statistics

    ILO

    International Labour Organization

    LFPR

    labor force participation rate

    NDC

    notional defined contribution

    NPV

    net present value

    OECD

    Organisation for Economic Co-operation and Development

    PDV

    present discounted value

    PPF

    Pension Protection Fund

    Country Abbreviations

    Owing to space constraints the abbreviations listed below have been used in the figures in this Occasional Paper.

    Advanced EconomiesEmerging Market Economies
    AustraliaAUSArgentinaARG
    AustriaAUTBrazilBRA
    BelgiumBELBulgariaBGR
    CanadaCANChileCHL
    Czech RepublicCZEChinaCHN
    DenmarkDNKColombiaCOL
    FinlandFINEgyptEGY
    FranceFRAEstoniaEST
    GermanyGERHungaryHUN
    GreeceGRCIndiaIND
    IcelandISLIndonesiaIDN
    IrelandIRLJordanJOR
    IsraelISRLatviaLVA
    ItalyITALithuaniaLTU
    JapanJPNLuxembourgLUX
    KoreaKORMalaysiaMYS
    NetherlandsNLDMexicoMEX
    New ZealandNZLPakistanPAK
    NorwayNORPhilippinesPHL
    PortugalPRTPolandPOL
    Slovak RepublicSVKRomaniaROM
    SloveniaSVNRussiaRUS
    SpainESPSaudi ArabiaSAU
    SwedenSWESouth AfricaZAF
    SwitzerlandCHEThailandTHA
    United KingdomGBRTurkeyTUR
    United StatesUSAUkraineUKR
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