The Effect of Emigration on Financial and Social Pension System Sustainability in EU New Member States: Panel Data Analysis

• Autorzy: Valentina Vučković , Lorena Škuflić
• Języki publikacji: EN

Abstrakty

EN

The paper brings the analysis of the emigration effects on financial and political sustainability of pension systems in 11 new European Union member states: Bulgaria, Estonia, Croatia, Latvia, Lithuania, Poland, Romania, Slovak Republic, Czech Republic, Slovenia and Hungary. The panel data analysis (fixed effects model) covers the crisis and post-crisis period from 2008 to 2017. The obtained results show that emigration growth is positively related to the pension expenditures (expressed as a share in GDP), thus having a negative impact on financial sustainability of pension system. On the other side, the emigration effect on social sustainability of pension system which is encompassed by the median relative income (65+) is not statistically significant. However, through including other socio-economic and political factors in econometric models besides the emigration (e.g. unemployment rate, education, political cycles, old-age dependency ratio, replacement ratio), the results have confirmed that there is a trade-off between the two goals of pension policies, i.e. between financial and political sustainability of pension system. (original abstract)

Słowa kluczowe

EN

Emigration; Pension schemes; Pension assets; Capital adequacy; Panel data

PL

Emigracja; System emerytalny; Aktywa emerytalne; Adekwatność kapitałowa; Dane panelowe

• Czasopismo: Economics & Sociology
• Rocznik: 2021
• Tom: 14
• Numer: nr 1
• Strony: 145--158

Twórcy

autor

Valentina Vučković

• University of Zagreb, Croatia

autor

Lorena Škuflić

• University of Zagreb, Croatia

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Identyfikatory

DOI

10.14254/2071-789X.2021/14-1/10