Emilia Skrok's Books

Sustainability of Pension Systems in the New EU Member States and Croatia

Coping with Aging Challenges and Fiscal Pressures

By: Leszek Kasek,Thomas Laursen,Emilia Skrok

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Sustainability of Pension Systems in the New EU Member States and Croatia

Coping with Aging Challenges and Fiscal Pressures

By: Leszek Kasek,Thomas Laursen,Emilia Skrok

This study finds that pension reforms in recent years have improved the efficiency and sustainability of pension systems in the new member states of the European Union and Croatia. However, for many countries, these probably have not gone far enough to ensure long-term sustainability, given the aging of the population. Reforms have included changes to Pay-As-You-Go (PAYG) systems, including increases in retirement ages (not at least for women), new benefit formulas, and new indexation mechanism. Some countries (Latvia and Poland) have further strengthened the link of contributions and benefits to the sustainability of the PAYG system through the introduction of national defined contribution accounts. The link is strengthened also by moving to a point system, which has been adopted by many of the countries. Several countries have introduced a second, private, pension pillar, funded through diversion of part of the pension contributions, thereby diversifying risk. However, some countries (in particular the Czech Republic, Slovenia, and Romania) will need to do more to safeguard the long-term viability of their pension systems, while others face challenges to ensure equitable pension systems and adequate living standards for all elderly people.

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World Bank Publications

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ISBN 10

0821373706

ISBN 13

9780821373705

Fiscal Rules and Economic Size in Latin America and the Caribbean

By: Fernando Blanco,Pablo Saavedra,Friederike Koehler-Geib,Emilia Skrok

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Fiscal Rules and Economic Size in Latin America and the Caribbean

By: Fernando Blanco,Pablo Saavedra,Friederike Koehler-Geib,Emilia Skrok

Following the collapse of commodity prices in Latin America and the Caribbean (LAC) in 2014-15, many countries in the region were unable to cushion the impact of the shock in order to experience a more gradual adjustment, to a large extent because they had not built adequate fiscal buffers during the commodities’ windfall from 2010-14. Many LAC countries entered 2020 and the COVID-19 crisis in an even more difficult position, with rising debt and limited fiscal space to smooth the negative impacts of the pandemic and adequately support their economies. Fiscal policy in most LAC countries has been procyclical. Public expenditure and debt levels have expanded in good times and contracted in severe downswings due to insufficient fiscal buffers, making crises deeper. Fiscal rules represent a promising policy option for these and other economies. If well-designed and implemented, they can help build buffers during periods of strong economic performance that will be available during rainy days to smooth economic shocks. This book—which was prepared before the COVID-19 crisis—reviews the performance and implementation of different fiscal rules in the region and world. It provides analytical and practical criteria for policy makers for the design, establishment, and feasible implementation of fiscal rules based on each country's business cycle features, external characteristics, type of shocks faced, initial fiscal conditions, technical and institutional capacities, and political context. While establishing new fiscal rules would not help to attenuate the immediate effects of this pandemic crisis, higher debt levels in the aftermath of COVID-19 will demand rebuilding better and stronger institutional frameworks of fiscal policy in LAC and emerging economies globally. Having stronger fiscal mechanisms that include fiscal rules can help countries prepare for the next crisis and should be on the front burner for policy makers in coming years. The findings and lessons discussed apply to economies of different sizes, with some differences under certain scenarios in terms of the technical design and criteria needed for implementation. In this book, policy makers will find that fiscal rules, if tailored to country characteristics, can work and be an essential fiscal tool for larger and particularly smaller economies.

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Page Count

198

Publisher

World Bank Publications

Published Date

ISBN 10

146481581X

ISBN 13

9781464815812

Fiscal Rules and Economic Size in Latin America and the Caribbean

By: Fernando Blanco,Pablo Saavedra,Friederike Koehler-Geib,Emilia Skrok

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Fiscal Rules and Economic Size in Latin America and the Caribbean

By: Fernando Blanco,Pablo Saavedra,Friederike Koehler-Geib,Emilia Skrok

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Solve jigsaw puzzle

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Page Count

198

Publisher

World Bank Publications

Published Date

ISBN 10

146481581X

ISBN 13

9781464815812

Sustainability of Pension Systems in the New EU Member States and Croatia

Coping with Aging Challenges and Fiscal Pressures

By: Leszek Kasek,Thomas Laursen,Emilia Skrok

Write a review Read reviews Take a Quiz Solve Book Puzzle

Sustainability of Pension Systems in the New EU Member States and Croatia

Coping with Aging Challenges and Fiscal Pressures

By: Leszek Kasek,Thomas Laursen,Emilia Skrok

Average ratings

N/A

Write a review

Solve jigsaw puzzle

Age

Page Count

Publisher

World Bank Publications

Published Date

ISBN 10

0821373706

ISBN 13

9780821373705

Book's by Emilia Skrok

Sustainability of Pension Systems in the New EU Member States and Croatia

Sustainability of Pension Systems in the New EU Member States and Croatia

Fiscal Rules and Economic Size in Latin America and the Caribbean

Fiscal Rules and Economic Size in Latin America and the Caribbean

Fiscal Rules and Economic Size in Latin America and the Caribbean

Fiscal Rules and Economic Size in Latin America and the Caribbean

Sustainability of Pension Systems in the New EU Member States and Croatia

Sustainability of Pension Systems in the New EU Member States and Croatia

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