社会保险外文翻译重新引入代际均衡波兰养老保险制度节选其他专业.docx

社会保险外文翻译重新引入代际均衡波兰养老保险制度节选其他专业.docx

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社会保险外文翻译重新引入代际均衡波兰养老保险制度节选其他专业

附录一原文

ReintroducingIntergenerationalEquilibrium:

KeyConcepts

behindtheNewPolishPensionSystem

Abstract

Polandadoptedanewpensionsystemin1999.ThisnewpensionsystemallowsPolandtoreducepensionexpenditure（asapercentofGDP）,insteadofincreasingitasisprojectedforthemajorityofotherOECDcountries.Thispaperpresentstheconceptualbackgroundofthenewsystemdesign.Thenewsystem’slong-termbjectiveistoensureintergenerationalequilibriumirrespectiveofthedemographicsituation.ThisrequiresstabilisationoftheshareofGDPallocatedtotheentireretiredgeneration.Traditionalpensionsystemsaim,instead,atstabilisationoftheshareofGDPperretiree.ThechangeindemographicstructureobservedoverthepastforacoupleofdecadesandthishistoricattempttostabilisetheshareofGDPperretireeledtoseverefiscalproblemsandnegativeexternalitiesforgrowth,asobservedinnumerouscountries.Manycountrieshavetriedtoreformtheirpensionsystemsindifferentwaystotrytoresolvetheissueoftheseever-increasingcosts.AlthoughthePolishreformusesanumberoftechniquesappliedelsewhere,itsdesigndiffersfromthetypicalapproaches–andthelessonsandresultsarepromisingforallOECDcountries.Thispaperpresentsthetheoreticalandpracticalapplicationofthisalternativeapproachandassuch,thekeyfeaturesofthenewPolishpensionsystemdesign.

Introduction

Demographictransitiontogetherwithmyopicpolicieshascausedsevereproblemsintheareaofpensionsinmanycountriesaroundtheworld.Elementsoftraditionalpensionsystems’designincludeaweaklinkofbenefitstocontributionsandthelackofcontrolovercostsofthesystem.Inclusionoftheseelementsinthepensionsystemdesignledtotheexplosionofcosts,causednegativeexternalitiesforgrowthandcontributedtopersistentlyhighunemployment.Assuch,thequestforpensionreformisnowonthetopofpolicyagendasaroundtheworld,andespeciallyinEurope.However,veryfewcountrieshavebeenabletointroducefundamentalreformsintheareaofpensionstothistime.Inthiscase,thedefinitionofreformiscrucial.Forthepurposesofthispaper,“reform”meanschangingthesysteminordertoremovetructuralinefficiencies–andnotjustplayingatthemarginswithcontributionratesandretirementagestoadjustthesystem’sparametersforshort-termfiscalandpoliticalreasons.Traditionalpensionsystemshaveproventobeinefficientinprovidingsocietieswithsocialsecurity.Atthesametimeattemptstocurethesesystemsarehamperedbyalackofconsensusonwhatcouldreplacethetraditionalsystem.Discussionsonthisissueinvolveconfusionstemmingfromtheideologicalcontextofthediscussionparticipants,aswellasfromoveruseofsuchconceptsas“pay-as-you-go”versus“funding”,or“public”versus“private”,whileatthesametimeignoringanumberofimportanteconomicissues.

Furthermore,economistshavetraditionallyignoredpensions.Designingandrunningpensionsystemswaslefttonon-economists,whowerenotextensivelyconcernedwithhowtofinancepensionsinthelong-termorwithhowtocounteractthesepensionsystems’negativeexternalities.ThenewPolishpensionsystembelongstoverysmallnumberofsuccessfulattemptstoapplymodernthinkingintheareaofpensions.Thisdoesnotmean–assomemayassume–givingupsocialsecuritygoals.Rather,thekeyideawastogiveuptheinefficientmethodsofdeliveringsocialsecurityinordertosaveitsgoalsandprinciples.

Thispaperconsistsoftwoparts.Thefirstfocusesonadiscussionofgeneralissuesthatneedtobeaddressedwhendesigningapensionsystem.Theseissuesarepresentedinawaythatgoesbeyondthetraditionalwayofthinkingonpensions.Inregardstothissecondpartofthepaper,itisimportanttopointoutthatmostcountriesinthecurrentEUmemberstatesandcandidatecountrieshavepensionsystemsthatareessentiallythesameatthebasicpolicylevel.Assuch,thesolutionsinonememberstateorcandidatecountrycanbeexpectedtobethesame.LikeEuropeanstatessuchasFrance,Germany,Italy,theCzechRepublic,HungaryandotherEuropeanstates,PolandandSwedenoverthepastdecadesanduntilthelate1990’sdevelopedinefficient,costlypensionsystems.Assuch,inparttwoofthepaperweshallexaminehowPolandhasnowsuccessfullyimplementedtheapproachpresentedinthefirstpartofthepaper,andcreatedafundamentallystrongandneutralpensionsystem.

Selectedgeneralissues

Pensionsystemdesignhastotakeintoaccountanumberofissues.TheirfullpresentationanddiscussiongoesbeyondthescopeofthispaperThispaperpresentsonlyalistoftheissuesforconsiderationandthemostimportantobservations.Thepensionsystem:

externalitiesversusneutralityThedescriptionofapensionsystemdependsstronglyonboththeaggregatedandindividualviewpoint.Fromtheaggregatedperspective,thepensionsystemisawayofdividingcurrentGDPbetweenapartkeptbytheworkinggenerationandapartallocatedtotheretiredgeneration.Fromtheindividualperspective,thepensionsystemisawayofincomeallocationoveraperson’slifecycle.Theaboveholdsirrespectivetothetechnicalmethodappliedortheideologicalviewpoint.Thepensionsystem–asdefinedabove–isnotnecessarilypay-as-you-goorfunded.Suchfeaturesstemfromtechnicalelementsadditionallyappliedonthetopofthepensionsystem,ratherthanfromthesystemitself.Ifthepensionsystemdesignassumesanonymousparticipationandasubstantialscaleofredistributionthenweusuallycallthissystempay-as-you-go.Ifthepensionsystemdesignusesfinancialmarkets,thenweusuallycallitfunded.However,thesetwotypicallyusedconceptsdonotexhaustallpossiblecombinationsofanonymousversusindividualisedparticipationandfinancialversusnon-financialpensionsystemdesigntechniquesused.Thedualisticpay-as-you-goversusfundedapproachleavesasidethecombinationofindividualparticipationinasystemthatdoesnotusefinancialmarkets.Thisapproachalsoneglectsthefactthatusingfinancialmarketsmeansinvestment（pensionportfolioconsistsofprivateequities）ordeferringtaxes（pensionportfolioconsistsofgovernmentbonds）,whichisobviouslynotthesame.Addingredistributionorfinancialmarketstothepensionsystemgeneratesexternalities.Theseexternalitiescanbepositiveandnegative.Redistributionwithinthepensionsystemcangeneratepositiveexternalitiesifthesystemisinexpensive,namelythepartofGDPallocatedtotheretiredgenerationisnotlarge.Iftheredistributionislarge,thenitgeneratesnegativeexternalities,suchascontributingtopersistentlyhighunemploymentandweakgrowth.Usingfinancialmarketscausespositiveexternalitiesforgrowthifthepensionsystemspendscontributionmoneyoninvestment.Ifthecontributionsarespentongovernmentdebttheymayleadtonegativeexternalitiessimilartothoseoflargeredistributivesystem,namelymoretaxdistortions.ThiscanhappeniftherateofreturnongovernmentdebtispersistentlyabovetherateofGDPgrowth.Thereexistsyetanotheroption,namelytobringthepensionsystemasclosetoeconomicneutralityaspossible.Thisoptionrequires,amongotherthings,combiningindividualparticipationinthesystemwithdividingGDPbetweengenerationsbasedonrealeconomydevelopments,suchashasbeendoneinPolandandSweden.

Demographicstructure:

consequencesofthechange.Irrespectiveofthepensionsystemdesigntechniqueused,thepensionsystemexchangesarightoftheretiredgenerationforapartoftheproductoftheworkinggeneration.Theexchangecanbeorganisedinvariouswaysandalsotherightscanbeexpressedinvariousways.Inparticular,therightscanbeeithertradedinthefinancialmarkets,ordefinedinrelationtosomeeconomicvariables,orjustbasedonpoliticalpromise.Inallofthesecasesthereisakindofmarketforpensionrights.Theworkinggenerationfinancescontributionsinordertopurchasetherights;theretiredgenerationsellstherightsinordertogetapartoftheproductoftheworkinggeneration.Thevarioustypesofpensionsystemscreateaninstitutionalframeworkforthismarket.

KeyfeaturesofthenewPolishpensionsystem

ThenewPolishpensionsystemdesignisagoodexampleofapplyingtheabovedescribedwayofthinkinginpractice.Thesystemnamed“SecuritythroughDiversity”startedon1January1999.Itentirelyreplacedpreviousregulationsonoldagepensionsformajorityofworkingpopulation.Designingthenewsystemfromscratchprovidedtheuniqueopportunitytoavoidcomplicatingthesystem.Instead,thenewsystemdesignissimpleandtransparent.Themaingoalwastodesignasystemthatcanbeneutraloratleastclosetoneutralityforeconomicgrowthirrespectiveofpopulationageing.Thedesignofthenewsystemdoesnotcopyanyotherpensionsystemexistingelsewhere.StrongsimilaritycanbefoundonlytothenewSwedishpensionsystembasedonsimilarprinciplesandstartedonthesameday.16Atthesametime,withinthisgeneralframeworkthenewPolishsystemusesanumberoftechnicalconceptsdevelopedinothercountries.ThisbriefpresentationofthenewPolishpensionsystemfocusesonthegeneraleconomicdesignofthesystem,whileleavingasidemosttechnicaldetails.

ThefollowingbulletshelpingraspingtheessenceoftheconceptofthenewPolishsystemdesign.

􀂾Focusingontheuniversalpartofthepensionsystem;

􀂾Separationoftheold-agepartofsocialsecurityfromthenon-old-agepartsofsocialsecurity;andsegmentingtheflowsofrevenue;

􀂾Terminationofthepartoftheprevioussystem;

􀂾Creationofanewpensionsystem,entirelybasedonindividualaccounts;

􀂾Accru