Anusic, Zoran; O"Keefe, Philip; Madzarevic-Sujster, Sanja - World Bank Group - 2003
-as-you-go (PAYG) system, and ultimately led to its financial collapse. Although a comprehensive three-pillar reform was initiated in … late 1995, implementation of the reform only began in 1998, with an overhaul of PAYG parameters, including shifting to a …