Prvek volby jednotlivce v penzijní reformě : na příkladu Argentiny a Chile

Stračina, Jakub

This paper deals with a specific reform of a defined-benefit pay-as-you-go pension system. Namely, it is the one that completely or partially replaces the old system, with a fully funded defined contribution component. Its aim is to examine the element of individual choice embodied in the reform. Pension system participants face a choice of whether to switch to the new system or remain participants of the old one. In theoretical part of the paper, we show how reforms can be classified according to how "right to choice" is granted and denied to various groups of pension system participants. Replacing pay-as-you-go pension system with a fully funded component entails implicit social security debt of the old system turning explicit. Another objective of this paper is thus to match possible distributions of "right to choice" with corresponding kind of social security debt that turns explicit. The last objective is to state the individual decision making problem of a worker facing the reform. There are two major decisions to be made. First, the worker is to select the optimal switching strategy (switch or not to switch). Second, the worker can optimize his/her contribution path throughout productive life. Conclusion of the switching problem analysis is that given the values of all parameters expected by the...

host :: přihlásit Digitální repozitář
		Hledej		Nový záznam		Nápověda		O repozitáři