Ageing, pension reforms and capital market development in transition countries

摘要: This paper gives an overview of demographic trends and their impact on public finances in transition countries. It also describes the pension reforms that have been carried out multipillar capital market developments. We show countries face more severe pressures than comparable emerging economies, there is a cause for concern they may ‘grow old before grow rich’. Their government therefore to cope with rising strain social security systems. argue multi-pillar reform not cure-all this problem. Multi-pillar systems are costly introduce, as contributions previously used finance liabilities diverted funded pillars. They change risk-profile schemes, intergenerational risksharing system replaced by risk-sharing through financial markets. Parametric continues be viable policy alternative. The necessity parametric underscored data asset allocations mandatory funds countries, showing limited diversification assets can undermine actual fiscal sustainability.