[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/h/beo/swcetp/2308.html
   My bibliography  Save this book chapter

Pension System Reforms As A Prerequisite For Increasing The Competitiveness Of Eu Member States

In: Shaping Post-COVID World – Challenges for Economic Theory and Policy

Author

Listed:
  • Lorena Škuflić
  • Ana Pavković
  • Dora Walter
Abstract
Competitiveness has occupied economists’ attention for decades and there is always a viewpoint that requires deeper examination. Competitiveness means the ability of a country or company to sell its products and services on the world market without losing a market share. A country is competitive when it generates a growing income which increases the living standards of its citizens. Products that the world market will buy more than others are either more affordable due to lower price or superior in quality. Therefore, price competitiveness is primarily in the segment of labor and resource-intensive product. While quality competitiveness is crucial for technology-intensive products, the level of pension contribution rates can have a significant impact on the final price of products, regardless of what type of competitiveness we consider. Conversely, a lower contribution rate results in insufficient revenue of the pension system and the generation of budget deficits, and thus a reduction in competitiveness from a macroeconomic point of view. EU member states face continuous and robust growth in pension expenditures because of unfavorable demographic trends - population aging and migration, but also inadequate growth in pension revenues due to low employment. To mitigate the effects of aging and cope better with the increased costs of pension insurance, countries are implementing various pension reforms, which in turn affect both the economic system and its competitiveness. The paper examines the impact of fiscal policy variables on the level of competitiveness of EU member states, with special reference to variables relevant to the pension system to establish the need of pension reforms for raising the level of competitiveness.

Suggested Citation

  • Lorena Škuflić & Ana Pavković & Dora Walter, 2023. "Pension System Reforms As A Prerequisite For Increasing The Competitiveness Of Eu Member States," Shaping Post-COVID World – Challenges for Economic Theory and Policy, in: Aleksandra Praščević & Miomir Jakšić & Mihail Arandarenko & Dejan Trifunović & Milutin Ješić (ed.),Shaping Post-COVID World – Challenges for Economic Theory and Policy, chapter 8, pages 159-181, Faculty of Economics and Business, University of Belgrade.
    • Handle: RePEc:beo:swcetp:2308
    as

    Download full text from publisher

    File URL: http://www.ekof.bg.ac.rs/wp-content/uploads/2023/01/08.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Mercedes Delgado & Christian Ketels & Michael E. Porter & Scott Stern, 2012. "The Determinants of National Competitiveness," NBER Working Papers 18249, National Bureau of Economic Research, Inc.
    2. Sánchez Serrano, Antonio & Peltonen, Tuomas, 2020. "Pension schemes in the European Union: challenges and implications from macroeconomic and financial stability perspectives," ESRB Occasional Paper Series 17, European Systemic Risk Board.
    3. Karl Aiginger & Susanne Bärenthaler-Sieber & Johanna Vogel, 2013. "Competitiveness under New Perspectives. WWWforEurope Working Paper No. 44," WIFO Studies, WIFO, number 47019.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:beo:swcetp:23-08 is not listed on IDEAS
    2. Karl Aiginger & Matthias Firgo, 2015. "Regional Competitiveness Under New Perspectives. WWWforEurope Policy Paper No. 26," WIFO Studies, WIFO, number 58501.
    3. Chikán, Attila & Molnár, Boglárka & Szabó, Erika, 2018. "A nemzeti versenyképesség fogalma és támogató intézményi rendszere [The concept of national competitiveness and the institutional system to support it]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1205-1224.
    4. Peter Mayerhofer, 2017. "Oberösterreichs Wirtschaft im europäischen Konkurrenzumfeld. Zweiter Bericht zur internationalen Wettbewerbsfähigkeit, 2017," WIFO Studies, WIFO, number 60592.
    5. Peter Mayerhofer & Matthias Firgo & Stefan Schönfelder, 2015. "Vierter Bericht zur internationalen Wettbewerbsfähigkeit Wiens," WIFO Studies, WIFO, number 60625.
    6. Weresa Marzenna Anna, 2019. "Technological competitiveness of the EU member states in the era of the fourth industrial revolution," Economics and Business Review, Sciendo, vol. 5(3), pages 50-71, September.
    7. Christian Ketels, 2015. "Competitiveness and Clusters: Implications for a New European Growth Strategy. WWWforEurope Working Paper No. 84," WIFO Studies, WIFO, number 57892.
    8. Peter Mayerhofer, 2022. "Vorarlbergs Wirtschaft im europäischen Konkurrenzumfeld. Bericht zur internationalen Wettbewerbsfähigkeit 2022," WIFO Studies, WIFO, number 69424.
    9. Matthias Firgo & Peter Mayerhofer, 2015. "Wissens-Spillovers und regionale Entwicklung - welche strukturpolitische Ausrichtung optimiert des Wachstum?," Working Paper Reihe der AK Wien - Materialien zu Wirtschaft und Gesellschaft 144, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik.
    10. Małgorzata Dziembała, 2021. "The Enhancement of Sustainable Competitiveness of the CEE Regions at the Time of the COVID-19 Pandemic Instability," Sustainability, MDPI, vol. 13(23), pages 1-17, November.
    11. Dutrénit, Gabriela & Natera, José Miguel & Puchet Anyul, Martín & Vera-Cruz, Alexandre O., 2019. "Development profiles and accumulation of technological capabilities in Latin America," Technological Forecasting and Social Change, Elsevier, vol. 145(C), pages 396-412.
    12. Teresa Weiss & Fabian Unterlass, 2015. "Towards Monitoring a Socio-ecological Transition. WWWforEurope Deliverable No. 7," WIFO Studies, WIFO, number 58410.
    13. Izabela Mlynarzewska-Borowiec, 2022. "Digital Competitiveness Gap between the US and EU Member States in the 21st Century," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 364-380.
    14. Petrakis, Panagiotis E. & Kostis, Pantelis C. & Valsamis, Dionysis G., 2015. "Innovation and competitiveness: Culture as a long-term strategic instrument during the European Great Recession," Journal of Business Research, Elsevier, vol. 68(7), pages 1436-1438.
    15. Hu, Arthur & Hu, Xingwei & Tong, Hui, 2022. "Globalization? Trade war? A counterbalance perspective," MPRA Paper 114871, University Library of Munich, Germany.
    16. Paul - Bogdan Zamfir, 2015. "The Stimulation Of Inovation In The Romanian Enterprises On The Coordinates Of Sustainable Development," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 3, pages 86-89, June.
    17. Kostadinović Ivana & Jovanović Violeta & Stanković Sunčica, 2023. "Do Industrial Clusters Contribute to Organizations’ Innovation Performance? Path Analysis," Economic Themes, Sciendo, vol. 61(3), pages 387-406, September.
    18. Bouteska, Ahmed & Sharif, Taimur & Abedin, Mohammad Zoynul & Ghouli-Oueslati, Jihene, 2023. "Relocating investments by Tunisian insurance and pension funds towards alternative assets opportunities," Journal of Policy Modeling, Elsevier, vol. 45(3), pages 609-629.
    19. Paolo Rizzi & Paola Graziano & Antonio Dallara, 2018. "A capacity approach to territorial resilience: the case of European regions," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 60(2), pages 285-328, March.
    20. Huo Ran, 2023. "Conceptual Approaches to Managing the Enterprise's International Competitiveness," Oblik i finansi, Institute of Accounting and Finance, issue 4, pages 91-96, December.
    21. Marta Nečadová, 2015. "Selected Approaches to Measurement of National Competitiveness and the Results of Visegrad Group in Years 2007-2014 [Vybrané přístupy k měření národní konkurenceschopnosti: výsledky zemí Visegrádsk," Acta Oeconomica Pragensia, Prague University of Economics and Business, vol. 2015(2), pages 22-39.

    More about this item

    Keywords

    PENSION SYSTEM; COMPETITIVENESS; FISCAL POLICY; EU MEMBER STATES;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:beo:swcetp:2308. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Goran Petrić (email available below). General contact details of provider: https://edirc.repec.org/data/efbeoyu.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.