The impact of social features on the financial sustainability of pension systems in Central and Eastern Europe and Baltic States
This paper analyses the financial sustainability of pension systems from the perspectives of labour supply, population aging, and demographic changes. The time period chosen was 1995 to 2022 and it takes into account nine countries from Central and Eastern Europe and the Baltic States. The economet...
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| Format: | Article |
| Language: | English |
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Vilnius Gediminas Technical University
2024-12-01
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| Series: | Technological and Economic Development of Economy |
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| Online Access: | https://mla.vgtu.lt/index.php/TEDE/article/view/22835 |
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| author | Florin Cornel Dumiter Klaus Bruno Schebesch Ștefania Amalia Nicoară Cristian Bențe |
| author_facet | Florin Cornel Dumiter Klaus Bruno Schebesch Ștefania Amalia Nicoară Cristian Bențe |
| author_sort | Florin Cornel Dumiter |
| collection | DOAJ |
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This paper analyses the financial sustainability of pension systems from the perspectives of labour supply, population aging, and demographic changes. The time period chosen was 1995 to 2022 and it takes into account nine countries from Central and Eastern Europe and the Baltic States. The econometric modelling techniques used are traditional linear regression, ridge and lasso regression, cross-validated glmnet models, and xboost flexible model used for the whole nine countries and also for country groups. The empirical results show that government expenditures and revenues in terms of social security funds are influenced by the demographic changes of the population that we face nowadays, are bound to the population aging phenomenon, and are dependent upon the elderly labour supply movements. The conclusions of this article reveal the practical need to reshape the financial sustainability of pension systems in all nine countries by developing a sustainable pension scheme that needs to be adjusted to the new social, demographic, and behavioural patterns of labour supply.
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| format | Article |
| id | doaj-art-e07a02bf2bf444e7bcc9eabb49270769 |
| institution | OA Journals |
| issn | 2029-4913 2029-4921 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Technological and Economic Development of Economy |
| spelling | doaj-art-e07a02bf2bf444e7bcc9eabb492707692025-08-20T01:58:42ZengVilnius Gediminas Technical UniversityTechnological and Economic Development of Economy2029-49132029-49212024-12-0130610.3846/tede.2024.22835The impact of social features on the financial sustainability of pension systems in Central and Eastern Europe and Baltic StatesFlorin Cornel Dumiter0Klaus Bruno Schebesch1Ștefania Amalia Nicoară2Cristian Bențe3Faculty of Economics, IT and Engineering, “Vasile Goldiș” Western University of Arad, Arad, RomaniaFaculty of Economics, IT and Engineering, “Vasile Goldiș” Western University of Arad, Arad, RomaniaFaculty of Economics, IT and Engineering, “Vasile Goldiș” Western University of Arad, Arad, RomaniaFaculty of Social Sciences, Humanities and Physical Education and Sport, “Vasile Goldiș” Western University of Arad, Arad, Romania This paper analyses the financial sustainability of pension systems from the perspectives of labour supply, population aging, and demographic changes. The time period chosen was 1995 to 2022 and it takes into account nine countries from Central and Eastern Europe and the Baltic States. The econometric modelling techniques used are traditional linear regression, ridge and lasso regression, cross-validated glmnet models, and xboost flexible model used for the whole nine countries and also for country groups. The empirical results show that government expenditures and revenues in terms of social security funds are influenced by the demographic changes of the population that we face nowadays, are bound to the population aging phenomenon, and are dependent upon the elderly labour supply movements. The conclusions of this article reveal the practical need to reshape the financial sustainability of pension systems in all nine countries by developing a sustainable pension scheme that needs to be adjusted to the new social, demographic, and behavioural patterns of labour supply. https://mla.vgtu.lt/index.php/TEDE/article/view/22835pension systemslabour supplyelderly peoplefinancial sustainabilityaging society |
| spellingShingle | Florin Cornel Dumiter Klaus Bruno Schebesch Ștefania Amalia Nicoară Cristian Bențe The impact of social features on the financial sustainability of pension systems in Central and Eastern Europe and Baltic States Technological and Economic Development of Economy pension systems labour supply elderly people financial sustainability aging society |
| title | The impact of social features on the financial sustainability of pension systems in Central and Eastern Europe and Baltic States |
| title_full | The impact of social features on the financial sustainability of pension systems in Central and Eastern Europe and Baltic States |
| title_fullStr | The impact of social features on the financial sustainability of pension systems in Central and Eastern Europe and Baltic States |
| title_full_unstemmed | The impact of social features on the financial sustainability of pension systems in Central and Eastern Europe and Baltic States |
| title_short | The impact of social features on the financial sustainability of pension systems in Central and Eastern Europe and Baltic States |
| title_sort | impact of social features on the financial sustainability of pension systems in central and eastern europe and baltic states |
| topic | pension systems labour supply elderly people financial sustainability aging society |
| url | https://mla.vgtu.lt/index.php/TEDE/article/view/22835 |
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