Generational Accounting and Hungarian Pension Reform

The essence of generational accounting is to break down total net contributions in a given year to each cohort and to project this profile into the future. Using additional assumptions on the discount rate and the growth of productivity and population, the per capita net contribution of future generations can be determined, which satisfies the inter-temporal budget constraint. Generational accounts in the Hungarian pension system show that the 1997 reform package significantly reduced the financial tension generated by demographic and institutional factors.

Bibliographic Details

Main Authors:	Gál, Róbert I., Simonovits, András, Tarcali, Géza
Language:	English en_US
Published:	World Bank, Washington, DC 2001-10
Subjects:	ACCOUNTING, ACCOUNTINGS, ACCRUAL RATE, ACCRUAL RATES, ANNUAL RETURNS, ANNUITIES, BENEFICIARIES, BENEFIT FORMULA, BENEFIT PAYMENT, BEQUESTS, BUDGET CONSTRAINT, BUDGET DEFICIT, COMPENSATION, CONTRIBUTION RATE, DEBT BURDEN, DEFICIT FINANCING, DEFICITS, DEFINED BENEFIT, DEFINED BENEFIT PLAN, DEMOGRAPHIC, DISABILITY, DISABILITY PENSIONS, DISBURSEMENTS, DISCOUNT RATE, DISCOUNT RATES, ELDERLY, FEMALE, FERTILITY, FINANCIAL CRISIS, FISCAL BALANCE, FISCAL POLICY, FULL EMPLOYMENT, FUNDED SCHEME, GENERATIONAL ACCOUNT, GENERATIONAL ACCOUNTING, GENERATIONAL ACCOUNTINGS, GENERATIONAL ACCOUNTS, GOVERNMENT BONDS, GOVERNMENT BUDGET, GOVERNMENT DEBT, GOVERNMENT EXPENDITURES, GOVERNMENT GUARANTEE, GOVERNMENT SUBSIDIES, GROSS WAGE, GROSS WAGES, GROWTH RATE, HEALTH CARE, HUMAN DEVELOPMENT, HUMAN RESOURCES, IMPLICIT DEBT, IMPLICIT PENSION DEBT, INCOME GROWTH, INCOME TAX, INCOMES, INDEBTEDNESS, INDIVIDUAL ACCOUNTS, INFLATION, INSURANCE, INTEREST RATES, INTERGENERATIONAL TRANSFERS, INTERNATIONAL DEVELOPMENT, LABOR INCOME, LABOR MARKET, LEGISLATION, LIFE EXPECTANCY, LIFE INSURANCE, LONG-TERM GOVERNMENT SECURITIES, LONGEVITY RISKS, MANDATORY RETIREMENT, MATERNITY LEAVE, MATURITY, NATIONAL PENSION, NET WAGES, OLD -AGE PENSIONS, OLD-AGE PENSION, OUTPUT, PARTIAL INDEXATION, PAYROLL TAXES, PENSION, PENSION ACCOUNT, PENSION ACCOUNTS, PENSION ADMINISTRATION, PENSION BASE, PENSION BENEFITS, PENSION CONTRIBUTION, PENSION CONTRIBUTIONS, PENSION FORMULA, PENSION FUND, PENSION FUND MEMBERS, PENSION FUNDS, PENSION INSURANCE, PENSION LAW, PENSION REFORM, PENSION SYSTEM, PENSION SYSTEMS, PENSIONER, PENSIONERS, PENSIONS, PERSONAL INCOME, POLITICAL RISK, POLITICAL RISKS, PRIVATE MANAGEMENT, PRIVATE PENSION, PRIVATE PENSION FUNDS, PRIVATE PENSIONS, PRIVATE PILLAR, PRIVATE SAVINGS, PRIVATIZATION, PUBLIC FINANCE, PUBLIC FINANCES, PUBLIC GOOD, PUBLIC GOODS, PUBLIC INVESTMENTS, PUBLIC PENSION, PUBLIC PILLAR, PUBLIC SYSTEM, RATE OF RETURN, RATES OF RETURN, REAL INTEREST, REAL INTEREST RATE, REAL TERMS, REPLACEMENT RATE, REPLACEMENT RATES, RESERVE, RETIREMENT AGE, RETIREMENT PHASE, RETIREMENT SYSTEM, RETIREMENTS, RETURN, RETURNS, RISK AVERSION, SEXES, SOCIAL PROTECTION, SOCIAL SECURITY, SOCIAL SECURITY CONTRIBUTIONS, SOCIAL SECURITY SYSTEM, SOCIAL SECURITY SYSTEMS, SOCIAL WELFARE, STOCK EXCHANGE, SUSTAINABLE GROWTH, TAX, TAX RATE, WILL,
Online Access:	http://documents.worldbank.org/curated/en/2001/10/20170673/generational-accounting-hungarian-pension-reform https://hdl.handle.net/10986/20233
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