Macroeconomic Effects of Pension Reform in Russia / David Hauner.

Format:

Book

Government document

Author/Creator:

Hauner, David.

Series:

IMF Working Papers; Working Paper ; No. 2008/201

IMF working paper ; WP/08/201

IMF Working Papers

Language:

English

Subjects (All):

Pensions--Russia (Federation)--Econometric models.

Pensions.

Equilibrium (Economics)--Econometric models.

Equilibrium (Economics).

Russia (Federation)--Economic policy--1991-.

Russia (Federation).

Russia (Federation)--Economic conditions--Econometric models.

Physical Description:

1 online resource (25 p.)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2008.

Language Note:

English

Summary:

Putting the pension system on a sustainable footing arguably remains the biggest challenge in Russia's economic policies. The debate about the policy options was hitherto constrained by the absence of general equilibrium analysis. This paper fills this gap by simulating their macroeconomic effects in a DSGE model calibrated to Russia's economy-the first of its kind to the best of our knowledge. The results suggest that a minimum benefit level in the public system should optimally be financed through lower government consumption, while higher taxation of labor and capital should be avoided. Reducing public investment spending is superior to increasing consumption taxes unless investment generates high rates of return.

Contents:

Contents; Introduction; A. The Case for Pension Reform; Figures; 1. Replacement Rate of Public System; B. Encouraging Private Saving; C. Stabilizing the Replacement Rate of the Public System; 2. Additional Funding Need under Two Scenarios, Percent of GDP; 3. Oil Stabilization and National Welfare Funds in Percent of GDP; D. Macroeconomic Effects of Financing Options; 4. Debt-Financed Increase in Transfers (Deviations from Initial Steady State in Percent of GDP); 5. Tax-Financed Increase in Transfers; 6. Expenditure-Financed Increase in Transfers; E. Policy Recommendations; Appendixes

Model and Calibration References

Notes:

Description based upon print version of record.

Includes bibliographical references.

Description based on online resource; title from PDF title page (ebrary, viewed February 26, 2014).

ISBN:

9786612841521

9781462324514

1462324517

9781452731926

1452731926

9781451870596

1451870590

9781282841529

1282841521

OCLC:

762350854