Institute of public finance
Public Sector Economics Journal
Public Sector Economics
2020 Conference
Over the past quarter century, pension systems around the world underwent significant changes as a result of large demographic shifts and growing doubts about the economic efficiency and financial sustainability of pay-as-you-go (PAYG) systems. Most reforms have included elements of a shift from PAYG-only to multi-pillar (i.e. PAYG and funded pension systems), and from defined benefit to defined contribution schemes. These reforms promised a range of benefits for the economy and the society, including improved fiscal sustainability, increased private saving, capital market development, and favourable distributional effects. Not everything has worked out as expected, and some countries have recently reversed major parts of reforms. The 2008 crisis and the current ultra-low interest rates have exposed additional weaknesses of both defined contribution and defined benefit schemes, and highlighted the need for the pension funds, the social partners and the state to redesign the pension systems. Tensions between national pension systems and growing mobility of the workforce, as well as rapid development of digital technology and financial innovation, have confronted pension systems with additional challenges. 

The call for papers included the following topics:
  • Impact of population ageing and other demographic changes on pension systems; 
  • Impact of labour market changes on pension systems (later labour market entry of the young, fewer full-time jobs, greater labour mobility, etc.);
  • Impact of labour immigration and emigration on pension systems;
  • Globally mobile workforce and portability of pensions; 
  • Problems of countries with ageing population and still low-income levels; 
  • Pension systems in a low interest-rate environment;
  • New developments in pension system financing;
  • Experiences with pension reforms to date;
  • Macroeconomic and financial stability aspects of pension reforms;
  • Political economy and legal aspects of pension reforms;
  • Intergenerational aspects of pension reforms (or lack thereof);
  • Microsimulation models of pension reforms;
  • Impact of digital technology on future pension systems;
  • Impact of financial innovation on future pension systems
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