Political economy of pension reforms: an empirical investigation

Improving pension savings investing: The case of Russia

“…The economic literature lacks consensus on the factors accelerating the implementation of mandatory funded pension plans. Each country has unique motivation from political reasons through government fiscal deficits to demographic conditions (Immergut and Anderson, 2007;Verbič and Spruk, 2019;Müller, 2003;Gуra, 2013;World Bank, 2019). More important for the current study are the criteria that governments use to measure or target the success of funded plans' implementation.…”

Pension Reforms in Europe: How Far Have We Come and Gone?

“…Similarly, some elements of political and fiscal institutions can have beneficial implications. For example, Verbič and Spruk (2019), in a sample of high-income countries over the period 1970-2013, find that countries with certain elements of executive constraints, political competition, and inter-jurisdictional fiscal federalism have been significantly more likely to reform mandatory PAYG or occupational pension systems or initiate supplementary reforms to, inter alia, strengthen regulation and risk management, stimulate private pension savings and facilitate transition from unfunded to funded schemes.…”

The value of pension reforms for late working life: evidence from Sweden

“…With the ageing of population, the impact of pension systems on older workers' retirement has become crucial (Vogel et al, 2017) with reforms increasingly financially and socially sustainable (V€ a€ an€ anen and Liukko, 2022). Often derived from changes in political institutions (Verbi c and Spruk, 2019) or countries' investment portfolios (Hu, 2014), reforms on statutory retirement ages may constitute an effective tool to react to the demographic transition, especially in Europe. On the one hand, they increase the participation rate of older people in the labour force (Kuitto and Helmdag, 2021).…”