Wednesday, 14 September 2011

Pensions Debate


Here you can read a paper on the debate over private pensions in Poland, which I presented at the ESPAnet conference last weekend.

2 comments:

  1. Gavin, this is a very interesting paper. I was wondering: it makes an impression there had been no realistic planning for funding the transition. Reformers themselves seemed to be surprised that it costed so much. Was the policy in Poland so, well, dilettantish?

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  2. Sorry Jan I just noticed your comment. There was some discussion at the session at the conference about this point. There are probably 2 explanations. One is that they had become so ideoogically blinded that they believed that this system would work due to their faith in the free market. Secondly, is that they hoped that there would be enough proceeds from privatisations over the years to cover the costs of transition period. This is their main criticism nowadays: politicians did not privatise enough and therefore therefore there were not enough funds to cover the shortfall. It is quite amazing that people can propose selling off state assets in order cover the public debt caused by privatising pensions.

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