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Determine the Level of Pension Replacement Rate from the View of Europe Debt Crisis

Author: ChenYu
Tutor: LiJianYuan
School: Dongbei University of Finance
Course: Finance
Keywords: Europe debt crisis old age pension replacement rate retire age Inflation-Linked Bonds
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Type: Master's thesis
Year: 2013
Downloads: 2
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Abstract


With countries around the world into the ranks of aging countries step by step, concerns about pension system in each country is increasingly high. How to ensure the life of the retirees and not to bring heavy financial burden on the state has become the focus of governments and scholars. Discussions about the pension before are how to ensure the lives of the retirees.After the European debt crisis, the European countries as representatives of high welfare system went into debt crisis, which raised concerns over whether the high welfare system was reasonable. In2013, Detroit was also faced with the situation of being dragged into bankruptcy by high liabilities. In Detroit, nearly half of all liabilities were pension. The Detroit government for two pension funds institutions reached the balance of9.2billion dollars. On July2013Detroit filed for bankruptcy protection which triggered further global awareness of the pension. The pension replacement rate which has iconic status in measuring pension generosity is the basic indicator of the level of pension insurance. So how to seek the suitable pension replacement rate in one country which can guarantee not to bring heavy financial burden on the state and can effectively guarantee the basic retirement of old people, is the research emphasis in this paper.Through the analysis of the reasons for the outbreak of the debt crisis, this paper concluded that the high pension replacement rate was the reason that caused the debt crisis in five countries as well as an important reason deepening crisis.By theoretical analysis, a country with high national pension replacement rate has many drawbacks, which is unreasonable. But too low replacement rate is against the fundamental principles of the welfare system, which is also unreasonable. Thus, determining the appropriate pension replacement rate according to the level of economic development is important to one country. Due to historical reasons and our imperfect system, the current pension system has many problems. For example, the co-existence of low pension replacement rate for workers and high pension replacement for civil servants receives widely criticism, which is an important issue to be solved urgently. This paper analyzes the problems existing in the pension system in our country, then puts forward a series of policy recommendations in order to promote the reform of the pension system, including:(1) gradually solve the problem of two-track system;(2) gradually raising the retirement age, the implementation of a flexible retirement system;(3)Through pension hold transformation of state-owned shares of preferred stock to increase pension source of income;(4) issued by the State with respect to inflation-linked bonds in order to increase the pension investment channels;(5) invest part of pension in stock market in conjunction with the multiply system;(6)in order to ensure the safety of pension assets, it is recommended to strengthen the pension assets supervision of all aspects of the operation.Mainly uses comparative analysis, this paper compares and analyzes the pension replacement rate on the basis of a unified benchmark as far as possible,thus concludes the general range of appropriate pension replacement rate. Before scholars study the pension replacement rate mostly from models under highly idealized assumptions, thus establish an adequate level of pension replacement rate. But starting from the specific economic environment, this paper theoretically analyzes consensual replacement rate level. In previous studies on the OECD pension system, we made the OECD’s high welfare system as a standard of welfare system study. This article points out that it’s unreasonable if a country’s welfare system level and pension replacement rate out of its own economic development level. We should not compare with international standards blindly and do all things according to one’s own capabilities.

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