05285oam 22012974 450 991096111870332120250426110133.0978661284152197814623245141462324517978145273192614527319269781451870596145187059097812828415291282841521(CKB)3170000000055105(EBL)1608014(SSID)ssj0000944165(PQKBManifestationID)11518477(PQKBTitleCode)TC0000944165(PQKBWorkID)10982922(PQKB)11338292(OCoLC)762350854(MiAaPQ)EBC1608014(IMF)WPIEE2008201(IMF)WPIEA2008201WPIEA2008201(EXLCZ)99317000000005510520020129d2008 uf 0engurcnu||||||||txtccrMacroeconomic Effects of Pension Reform in Russia /David Hauner1st ed.Washington, D.C. :International Monetary Fund,2008.1 online resource (25 p.)IMF Working PapersIMF working paper ;WP/08/201Description based upon print version of record.9781451915129 1451915128 Includes bibliographical references.Contents; Introduction; A. The Case for Pension Reform; Figures; 1. Replacement Rate of Public System; B. Encouraging Private Saving; C. Stabilizing the Replacement Rate of the Public System; 2. Additional Funding Need under Two Scenarios, Percent of GDP; 3. Oil Stabilization and National Welfare Funds in Percent of GDP; D. Macroeconomic Effects of Financing Options; 4. Debt-Financed Increase in Transfers (Deviations from Initial Steady State in Percent of GDP); 5. Tax-Financed Increase in Transfers; 6. Expenditure-Financed Increase in Transfers; E. Policy Recommendations; AppendixesModel and Calibration ReferencesPutting the pension system on a sustainable footing arguably remains the biggest challenge in Russia's economic policies. The debate about the policy options was hitherto constrained by the absence of general equilibrium analysis. This paper fills this gap by simulating their macroeconomic effects in a DSGE model calibrated to Russia's economy-the first of its kind to the best of our knowledge. The results suggest that a minimum benefit level in the public system should optimally be financed through lower government consumption, while higher taxation of labor and capital should be avoided. Reducing public investment spending is superior to increasing consumption taxes unless investment generates high rates of return.IMF Working Papers; Working Paper ;No. 2008/201PensionsRussia (Federation)Econometric modelsEquilibrium (Economics)Econometric modelsAgingimfDebt ManagementimfDebtimfDebts, PublicimfDemographyimfEconomics of the ElderlyimfEconomics of the HandicappedimfIncome economicsimfLaborimfLabourimfNon-labor Market DiscriminationimfNonwage Labor Costs and BenefitsimfPension spendingimfPensionsimfPopulation & demographyimfPopulation agingimfPrivate PensionsimfPublic debtimfPublic finance & taxationimfPublic FinanceimfRetirement PoliciesimfRetirementimfSocial Security and Public PensionsimfSovereign DebtimfRussia (Federation)Economic policy1991-Russia (Federation)Economic conditionsEconometric modelsRussian FederationimfPensionsEconometric models.Equilibrium (Economics)Econometric models.AgingDebt ManagementDebtDebts, PublicDemographyEconomics of the ElderlyEconomics of the HandicappedIncome economicsLaborLabourNon-labor Market DiscriminationNonwage Labor Costs and BenefitsPension spendingPensionsPopulation & demographyPopulation agingPrivate PensionsPublic debtPublic finance & taxationPublic FinanceRetirement PoliciesRetirementSocial Security and Public PensionsSovereign Debt338.947Hauner David1815890DcWaIMFBOOK9910961118703321Macroeconomic Effects of Pension Reform in Russia4372336UNINA