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Full Description
This monograph surveys the results of government intervention in the market for retirement income provision throughout the world. The authors begin by looking at high-income democracies in which governments have, to a large degree, taken over the function of providing pensions. They find that state provision crowds out private provision and places a considerable fiscal burden on developed country governments. This fiscal burden is then combined with complex regulatory systems that are imposed on the private sector and which make pensions incomprehensible. Furthermore, as the authors show, the ageing populations may make meaningful reform of government pensions programmes impossible, as 'grey' electors flex their muscles. The authors find the same patterns in middle-income and low-income countries. State pension systems are often found hand-in-hand with a lack of security, partly because of the problems of corruption and inflation. The state frequently does its best to crowd out private initiative, but, where they are allowed to, families make provision for retirement in all sorts of ingenious ways. The authors reject the World Bank blueprint of formal, structured pension systems.They suggest instead that governments focus on ensuring that the legal and financial infrastructure exists to allow people to make proper provision for their retirement. So-called 'market failure' will always ensure that the result is imperfect. But, by comparison, government failure around the world has had catastrophic effects.
Contents
Introductionreform; Retire early, save little: the ironic disincentives of public pension systems; The impossibility of progress -- a public choice analysis of state pension provision; The Great Invisible Pension Reform in the United States; Pension Credit and personal accounts -- the practical impact of means testing in the UK; Long live longevity; The determinants of reform success -- and failure -- in emerging economies; Two tigers: one fit, one fat cat -- pensions in Hong Kong and Singapore; Mutuality, the mixed economy of welfare and the introduction of the old-age pension in Britain; Chinas new Great Wall; Old-age security in less developed countries: formal versus informal provision; Pension provision in India -- current status, proposed reform and challenges ahead; Conclusion.
