Shift to Private Pension System: the Case of Poland and Israel

• Autorzy: Moshe Manor , Joanna Ratajczak
• Języki publikacji: EN

Abstrakty

EN

Following Chilean experiences as well as the World Bank suggestions post-communist Poland and post-collectivist Israel-underwent deep reforms which led to the privatization of old age security. The aim of the article is to compare the Polish and Israeli paths of pension privatization in the last thirty years. The main conclusions are: (1) the economic, demographic and political environments at the moment of the design and implementation of the pension reform were quite similar in both countries; however (2) the scope and scale of the privatization was different: in Poland there was only partial shift towards private pension system while in Israel full privatization of the system was implemented; (3) the decisive factors were: the inertia of the already existing pension systems and the power of foreign influencers; (4) the retreat from privatization in Poland and the increase in Israel took place due to the different mix of disadvantages of the new pension arrangements, short-term political aims and international pressure.(original abstract)

Słowa kluczowe

EN

Pensions; Pension assets; Retirement programs; Pension schemes; Retirement benefits; Pension systems in the world; Supplementary pensions

PL

Emerytury; Aktywa emerytalne; Programy emerytalne; System emerytalny; Świadczenia emerytalne; Systemy emerytalne na świecie; Emerytury dodatkowe

• Czasopismo: Economics and Business Review
• Rocznik: 2020
• Tom: 6 (20)
• Numer: nr 1
• Strony: 82--102

Twórcy

autor

Moshe Manor

• Poznań University of Economics and Business, Poland

autor

Joanna Ratajczak

• Poznań University of Economics and Business, Poland

Bibliografia

• Asher, M., & Vasudevan, D., (2008). Rethinking Pension Reforms in Chile: Implications for Developing Asia. (Working Paper SPP 07-08). Retrieved September 22, 2019 from https://www.researchgate.net/profile/Mukul_Asher/publication/237323335_ Rethinking_Pension_Reforms_in_Chile_Implications_for_Developing_Asia/ links/53e9cd210cf2dc24b3cad78c.pdf.
• Bank of Israel. (2019a). The deficit and public debt 1980-2018. Information & Statistics Department. Retrieved September 26, 2019 from https://www.boi.org.il/en/ DataAndStatistics/Pages/MainPage.aspx?Level=2&Sid=19&SubjectType=2.
• Bank of Israel. (2019b). Public assets September 2019. Information & Statistics Department. Retrieved September 26, 2019 from https://www.boi.org.il/en/ DataAndStatistics/Pages/MainPage.aspx?Level=3&Sid=47&SubjectType=2.
• Barr, N. (2002). Reforming pensions: Myths, truths, and policy choices. International Social Security Review, 55(2), 3-36. doi:10.1111/1468-246X.00122.
• Barr, N. (2012). Economics of the welfare state (5th ed.). Oxford: Oxford University Press.
• Barr, N., & Diamond, P. (2010). Pension reform. A short guide. New York: Oxford University Press.
• Barr, N., & Diamond, P. (2016, January). Reforming pensions in Chile. Polityka Społeczna, 12, 4-8.
• Ben Basat, A. (2002). The Israeli economy 1985-1998: From government intevention to market economics. Cambridge, MA: MIT Press.
• Ben Porat, G. (2008). Israel since 1980. New York: Cambridge University Press.
• Bielawska, K. (2014). Sustainability of structural pension reforms in the CEE countries- experiences and lessons for the future. Insurance Review, 4(14), 111-121.
• Bielawska, K., Chłoń-Domińczak, A., & Stańko, D. (2017). Retreat from mandatory pension funds in countries of the Eastern and Central Europe in result of financial and fiscal crisis: Causes, effects and recommendations for fiscal rules. (MPRA Paper No. 83345). Retrieved September 28, 2019 from https://mpra.ub.uni-muenchen.de/83345/.
• Chilean Pension Commission. (2015). Final report of the Presidential Advisory Commission on the pension system. Santiago. Retrieved September 26, 2019 from http://www.comision-pensiones.cl/report.html.
• Chłon, A., Gora, M., & Rutkowski, M. (1999). Shaping pension reform in Poland: Security through diversity. Social Protection and Labor Policy and Technical Notes 20852, The World Bank.
• Chłoń-Domińczak, A., Franco, D., & Palmer, E. (2012). The first wave of NDC reforms: The experiences of Italy, Latvia, Poland, and Sweden. In R. Holzmann, E. Palmer, & D. Robalino (Eds.), Nonfinancial defined contribiution pension schemes in a changing pension world, Vol. 1: Progress, issues, and implementation (pp. 31-86). Washington D.C.: The World Bank & Swedish Social Insurance Agency. doi:10.15713/ins.mmj.3.
• Country Economy. (2019). Israel GDP and GDP per capita. Retrieved September 29, 2019 from https://countryeconomy.com/gdp/israel.
• De Mesa, A. A., & Mesa-Lago, C. (2006). The structural pension reform in Chile: Effects, comparisons with other Latin American reforms, and lessons. Oxford Review of Economic Policy, 22(1), 149-167.
• European Commission. (2017). The 2018 Ageing Report underlying assumptions & projection methodologies (Vol. 8014). doi:10.2765/40638.
• Fultz, E. (2012). The retrenchment of second-tier pensions in Hungary and Poland: A precautionary tale. International Social Security Review, 65(3), 1-25. doi:10.1111/ j.1468-246X.2012.01434.x.
• Fultz, E., & Ruck, M. (2008). Pension reform in Central and Eastern Europe: Emerging issues and patterns. International Labour Review, 140(1), 19-43.
• Giorno, C., & Adda, J. (2016). Improving the pension system and the welfare of retirees in Israel. (OECD Economics Department Working Papers, No. 1288). Paris: OECD Publishing. Retrieved from http://dx.doi.org/10.1787/5jm0xf1fsqvf-en.
• Golinowska, S. (2014). Funkcje państwa w zabezpieczeniu dochodów na okres starości. Zmiana warunkow i paradygmatu na przykładzie polskiej reformy systemu emerytalnego. In K. Frieske, & E. Przychodaj (Eds.), Ubezpieczenia społeczne w procesie zmian. 80 lat Zakładu Ubezpieczeń Społecznych (pp. 89-111). Warszawa: Instytut Pracy i Spraw Socjalnych and Zakład Ubezpieczeń Społecznych.
• Golinowska, S., & Żukowski, M. (2011). The impact of the economic and financial crisis on the Polish pension system. Zeitschrift für Sozialreform, 57(3), 267-285.
• Gorynia, M., Kowalski, T., Matysiak, A., Orłowski, W., Rapacki, R., Wojtyna, A., ... Żukowski, M. (2016). The Polish economy: Achievements, failures and development opportunities. Economics and Business Review, 2(16), 92-114.
• Gora, M. (2003). Reintroducing intergenerational equilibrium: Key concepts behind the new Polish pension system. (William Davidson Institute Working Paper, No. 574). doi:/10.2139/ssrn.417761.
• Gora, M. (2013). Political economy of pension reforms: Selected general issues and the Polish pension reform case. IZA Journal of Labor and Development, 2(2), 1-31. doi:10.1186/2193-9020-2-2.
• Gora, M., & Palmer, E. (2019). NDC: The Generic Old-Age Pension Scheme. (IZA- Labor and Development Discussion Paper, No. 12221).
• Hagemejer, J., Makarski, K., & Tyrowicz, J. (2015). Unprivatizing the pension system: The case of Poland. Applied Economics, 47(8), 833-852. doi:10.1080/00036846.20 14.980577.
• Hausner, J. (1998, March). Security through diversity: Conditions for successful reform of the pension system in Poland. Collegium Budapest Discussion Series.
• Hermes, N. (1995). Financial markets and the role of the government in Chile. Capelle a/d IJssel: Labyrint Publication.
• Hormazabal, S., (2010). Multi-funds in the Chilean pension system. (Working Paper No. 10/28). Madrid: BBVA Research.
• Iglesias-Palau, A. (2009). Pension reform in Chile revisited: What has been learned?. (OECD Social, Employment and Migration Working Papers No. 86).
• Kay, A. (2012). From Altneuland to the New Promised Land: A study of the evolution of Americanization of the Israel economy. Jewish Political Studies Review, 24(1/2), 99-128.
• Kłos, B., & Marchewka-Bartkowiak, K. (2009). Kontrowersje wokół systemu emerytalnego i długu publicznego. BAS, 17(25).
• Kotowska, I., Joźwiak, J., Matysiak, A., & Baranowska, A. (2008). Poland: Fertility decline as a response to profound societal and labour market changes?. Demographic Research, 19, 795-854. doi:10.4054/DemRes.2008.19.22.
• Kowalski, T. (2009). Comparative analysis of economic transformation in Poland and selected Central European countries. MPRA Paper, 1(8)(16610), 1-44.
• Kowalski, T. (2013). Globalization and transfromation in central European countries: The case of Poland. Poznań: Poznań University of Economics Press. doi:10.1017/ CBO9781107415324.004.
• Kritzer, B. E. (2008). Chile's next generation pension reform. Social Security Bulletin, 68(2), 68-69.
• Manor, M., (2015). Reforms to Israeli pension system. In New trends in economics, managemnt and finance (1st ed., pp. 89-108). (Doctorals seminars in English). Poznań: Poznan University of Economic.
• Manor, M. (2017). Efficient life cycle investment strategies in defined contribution pension plans in Israel. Journal of Insurance, Financial Markets & Consumer Protection, 4(26), 47-66.
• Marchewka-Bartkowiak, K. (2011). Przychody z prywatyzacji i ich rozdysponowanie w budżecie państwa. BAS, 7(51).
• Ministry of Development. (2016). Responsible development. Nanotechnology and the Environment. doi:/10.1038/359115a0.
• Ministry of Finance. (2019a). Deafault pension funds. Capital markets and insurance director. Retrieved September 26, 2019 from https://mof.gov.il/hon/Pages/DefaultPensionFund. Aspx.
• Ministry of Finance, (2019b). Financial statements 2018 of Israel. Accountant general. Retrieved September 26, 2019 from https://mof.gov.il/AG/AccountingReports/ FinancialReports/MoneyReports2018_b.pdf.
• Muller, K. (1999). The political economy of pension reform in Central-Eastern Europe. Cheltenham and Northampton, MA: Edward Elgar.
• Muller, K. (2000). Pension privatization in Latin America. Journal of International Development, 12(4), 507-518. doi:10.1002/1099-1328(200005)12:4<507::AIDJID687> 3.3.CO;2-1.
• OECD. (2011). Pensions at a glance 2011: Retirement-income Systems in OECD and G20 Countries. Paris: OECD Publishing.
• OECD. (2015). Study on replacement rates and other issues related to pension systems. Paris: OECD Publishing.
• OECD. (2019). Pensions at a glance 2019: OECD and G20 Indicators. Paris: OECD Publishing.
• Orenstein, M. A. (2013). Pension privatization: Evolution of a paradigm. Governance, 26(2), 259-281. doi:10.1111/gove.12024.
• Orszag, P. R., & Stiglitz, J. E. (1999, September 14-15). Rethinking pension reform: Ten myths about social security systems. (World Bank Conference, "New ideas about old age security", pp. 1-46).
• Pałasz, A. (2019, December 12). PPK? Nie, dziękuję. Gazeta Prawna. Retrieved December 14, 2019 from https://www.parkiet.com/Pracownicze-plany-kapitalowe- PPK/312139986-PPK-Nie-dziekuje.html.
• Palmer, E., & Gora, M. (2004). Shifting perspectives in pensions. (IZA Discussion Paper, No. 1369).
• Ramesh, M. (2006). The World Bank and pension reforms. In D. Stone & C. Wright (Eds.), The World Bank and governance. A decade of reform and reaction (pp. 109-124). Abingdon: Routledge.
• Ratson, M. (2010). Policy entrepreneurs, politial constructionsand window of opportunities: The politics of the pension reforms in Israel. Israel Sociology, 11(2), 463-484.
• Ratajczak, J. (2019). Rowność w systemie emerytalnym. Emerytury kobiet i mężczyzn w Polsce. Poznań: Wydawnictwo Uniwersytetu Ekonomicznego w Poznaniu.
• Ratajczak-Tuchołka, J. (2010). Die polnische Altersrentenreform von 2009 - Welche Lehren konnen andere Lander aus den polnischen Erfahrungen ziehen? In A. Stuchlik (Ed.), Rentenreform in Mittel- und Osteuropa. Impulse und Politikleitbilder fur die Europaische Union (pp. 109-126). Wiesbaden: VS Verlag fur Sozialwissenschaften.
• Ratajczak-Tuchołka, J. (2013). Polish pension system: 1989-2012. In P. Michoń, J. Orczyk, & M. Żukowski (Eds.), Facing the challenges social policy in Poland after 1990 (pp. 122-139). Poznań: Poznań University of Economics Press.
• Santoro, M. (2017). Pension reform options in Chile: Some tradeoffs. (Working Paper, No. 17(53)). International Monetary Fund.
• Spivak. A., (2013). Pensions in Israel and abroad: Major developments, approaches and ideological influences. (Van Leer Institute, Disputes in Economics-Second Series No. 4, Jerusalem).
• Tompson, W., & Price, R. (2009). The political economy of reform: Lessons from pensions, product markets and labour markets in ten OECD countries. Retrieved September 26, 2019 from http://www.oecd.org/dataoecd/51/5/46190166.pdf.
• Yosef, R., Spivak, A., (2008). The new pension world: After the Big Bang of 2003. Policy Studies, 5, 1-54.
• World Bank. (1994). Averting the old-age crisis. Policies to protect the old and promote growth. A World Bank Policy Research Report. doi:/10.1007/bf02681086.
• Żukowski, M. (1994). Pensions policy in Poland after 1945: between 'Bismarck' and 'Beveridge' traditions. In J. Hills, J. Ditch, & H. Glennerster (Eds.), Beveridge and Social Security. An International Retrospective (pp. 154-170). Oxford: Oxford University Press.
• Żukowski, M. (2013). Dwie fale reform emerytalnych w krajach Europy Środkowo-Wschodniej 1998-2012. Studia Oeconomica Posnaniensia, 1(1), 91-100.

Identyfikatory

DOI

10.18559/ebr.2020.1.4