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The need for pension reform is widely discussed against the
backdrop of falling fertility rates and rising longevity. These
developments challenge pension systems which in many countries
already encounter problems with pension adequacy and financial
sustainability. In the debate, reference is often made to Denmark
as a model for pension system reform. This book offers the first
coherent and in-depth description and analysis of the Danish
pension system and its structure and performance. As is well-known
to scholars and experts, there is a huge leap from considering
general characterisations of pension systems in terms of various
performance indicators to understand the structure of particular
pension systems. This book aims to introduce these aspects to an
international readership, explaining the structure and design of
the pension system and its performance, benefit structure,
regulation, critical reforms, and macroeconomic implications, as
well as investment policies in pension funds in general.
The outbreak of the financial crisis in 2008 has had significant
effects on economic activity, unemployment, and public finances for
all European countries. However, European economies do not form a
homogenous region, and any serious analysis of macroeconomic
imbalances in Europe must account for the fact that different
economic and political models and circumstances operate across the
continent. This book focuses on the Nordic countries (Denmark,
Finland, Iceland, Norway, and Sweden) which have a relatively good
record of undertaking fiscal and structural reforms after their own
financial and debt crises in the 1980s and 1990s. The Nordic
countries are small and open economies, well-known for their high
income levels, high employment rates, organized labour markets, a
relatively equal distribution of incomes, and large public sectors.
From this perspective, the book asks whether there are lessons that
might be learned from the Nordic economies. Is there a distinctive
Nordic model that could be usefully followed, by other small open
economies, in terms of fiscal and monetary policy design, labour
market policies and reforms, and financial and housing market
regulation? It is inappropriate to define the Nordic model in terms
of a common set of policies. Since the key characteristics,
including the overarching objectives and supporting institutions,
have strong historical foundations, copying and pasting them to
other countries is not easily done. Even though the Nordic
experiences are not directly transferable, they may add new
knowledge about the importance of institutional design, fiscal
consolidation, and structural reforms not only for macroeconomic
performance but also for how to preserve key objectives such as
social balance and equity.
Demographic change and increasingly international markets are
putting severe pressure on developed welfare states in the OECD
countries. The contributors to this book assess the magnitude of
these challenges and discuss in depth, and in concrete terms, what
policy options are open to meet them. Looking at public service
production, social insurance, tax policy and debt policy, they
examine the main costs and benefits associated with an extensive
welfare state and ask whether the same objectives can be reached
with a welfare regime that is less costly. They also discuss
whether the organization of the welfare state is capable of meeting
future challenges facing a changing society. This rigorous analysis
draws on empirical material from OECD countries with a focus on the
Scandinavian countries.
This comprehensive survey of key welfare policy issues, in an age of globalization and ageing populations, draws on comparative OECD data and case studies from Scandinavia. Torben Andersen and Per Molander provide a forceful analysis of the main challenges to the traditional public sector welfare state and explore the principal policy options open to governments in advanced economies. They assess the advantages and disadvantages of alternative welfare regimes with less reliance on public sector involvement.
The price adjustment process is crucial to almost any macroeconomic
issue. Current macroeconomic literature features widely different
models ranking from instantaneous price adjustment to completely
rigid prices. Professor Andersen provides a comprehensive analysis
of reasons why prices may fail to adjust instantaneously to changes
in market conditions. This unified treatment will allow the reader
to understand the mechanisms at work without becoming lost in
technical details. This volume covers both real and nominal price
rigidities and integrates existing results from the literature with
new results on causes for failures of price adjustment. The
analysis of real price rigidities includes inventories, customer
markets, search and collusive behaviour. Due to the focus on
macroeconomic implications, the analysis of nominal price
rigidities is extensive and includes menu costs, informational
problems, asynchronized price setting as well as the interaction
between price and wage setting. Professor Andersen's own
theoretical work on imperfect information, a prime source of price
and wage rigidity, is given prominence in the book. The volume is
thus a combination of a valuable survey of the literature, and an
original expression of future possible research avenues.
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