Similarity Assessment of the Pension Systems of the New European Union Member States

Autoři

  • Mira Krpan University of Zagreb, Faculty of Economics and Business Zagreb, Croatia
  • Ana Pavković University of Zagreb, Faculty of Economics and Business Zagreb, Croatia
  • Berislav Žmuk University of Zagreb, Faculty of Economics and Business Zagreb, Croatia

Klíčová slova:

hierarchical cluster analysis, the new European Union member states, pension system, sustainability, Ward’s method

Abstrakt

Recent macroeconomic and demographic trends have resulted in new challenges for pension systems. One of these challenges is to create a sustainable pension system while simultaneously providing adequate pension benefits for current and future pensioners. This research explores how similar are pension systems of eleven European Union countries by using hierarchical cluster analysis for year 2016. Variables representing pension systems, as well as demographic, macroeconomic and labour market data were used to cluster these economies. Three clustering solutions were generated using hierarchical clustering approach, one for each variable group. Given the number of observed countries, only two cluster solutions were considered. According to the characteristics of the pension systems, countries that have greater problems of unsustainability are recognized. A similar group of countries also forms the cluster characterized by unfavourable demographic trends that make it more difficult to maintain sustainability. Romania stands out from other economies, based on macroeconomic indicators, as it recorded faster economic growth, greater labour productivity growth and lower unemployment rate in 2016. The findings of this study provide a guideline for future pension reforms, since they indicate which countries’ experience could be valuable in defining certain policy measures.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Reference

Aysan, M. F. (2013), ”Reforms and Challenges: The Turkish Pension Regime Revisited“, Emerging Markets Finance & Trade, Vol. 49, No. 5, pp. 148-162.

Chybalski, F. (2016), ”The Multidimensional Efficiency of Pension System: Definition and Measurement in Cross-Country Studies“, Social Indicators Research, Vol. 128, No. 1, pp. 15-34.

Esping-Andersen, G. (1990), The three worlds of welfare capitalism, Cambridge, Polity Press.

Kim, K., Lee, Y. (2008), ”A qualitative comparative analysis of strategies for an ageing society, with special reference to pension and employment policies“, International Journal of Social Welfare, Vol. 17, No. 3, pp. 225-235.

Marcinkiewicz, E. (2017), ”Pension Systems Similarity Assessment: An Application of Kendall’s W to statistical multivariate analysis“, Contemporary Economics, Vol. 11, No. 3, pp. 303-314.

Marcinkiewicz, E., Chybalski, F. (2016), "A new proposal of pension regimes typology: Empirical analysis of the OECD countries", paper presented at ENRSP Conference 2016, 8-9 September 2016, Sopot, Poland, available at: https://www.researchgate.net/publication/309014080_A_new_proposal_of_pension_regimes_typology_Empirical_analysis_of_the_OECD_countries (12 February 2019).

Mikulec, A. (2011), ”Statistical analysis of efficiency of the pension systems in EU and EFTA countries“, Acta Universitatis Lodziensis, Folia Oeconomica No. 255/2011, available at: https://www.researchgate.net/publication/260289607_Statistical_analysis_of_efficiency_of_the_pension_systems_in_EU_and_EFTA_countries (15 February 2019).

Roman, M. D., Toma, G. C., Tuchiluş, G. (2018), ”Efficiency of Pension Systems in the EU Countries“, Romanian Journal of Economic Forecasting, Vol. 21, No. 4, pp. 161-173.

Soede, A., Vrooman, C. (2008), "A Comparative Typology of Pension Regimes", ENEPRI Research Report No. 54, European Network of Economic Policy Research Institutes, April 2008.

Stahování

Publikováno

2019-10-31

Jak citovat

Krpan, M., Pavković, A., & Žmuk, B. (2019). Similarity Assessment of the Pension Systems of the New European Union Member States. ENTRENOVA - ENTerprise REsearch InNOVAtion, 5(1), 27–34. Získáno z https://hrcak.srce.hr/ojs/index.php/entrenova/article/view/13726

Číslo

Sekce

Mathematical and Quantitative Methods