The Stability and Growth Pact as an Impediment to Privatizing Social Security

Assaf Razin, Efraim Sadka

The aging of the population shakes the confidence in the economic viability of pay-as-you-go social security systems. We demonstrate how in a political-economy framework the shaken cofidence leads to the downsizing of the social security-system, and to the emergence of supplemental individual retirement programs. Lifting the Stability-Pact type ceiling on fiscal deficits is shown to facilitate the transition from a national to a private pension system, through an endogenously determined shift in the median voter

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Year of publication:	October 2002
Authors:	Razin, Assaf
Other Persons:	Sadka, Efraim (contributor)
Institutions:	National Bureau of Economic Research (contributor)
Publisher:	Cambridge, Mass : National Bureau of Economic Research
Subject:	EU-Staaten \| EU countries \| Gesetzliche Rentenversicherung \| Public pension system \| Finanzpolitik \| Fiscal policy \| Haushaltskonsolidierung \| Fiscal consolidation \| Theorie \| Theory \| Private Altersvorsorge \| Private retirement provision \| Konvergenzkriterien \| Convergence criteria \| Rentenfinanzierung \| Pension finance \| Europäischer Stabilitätsmechanismus \| European Stability Mechanism \| Privatisierung \| Privatization

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