Contents -- Preface -- About the Editors -- Abbreviations -- PART I Setting the Stage -- Chapter 1 Fiscal Implications of Population Aging -- Chapter 2 Linking Pension Reform to Labor and Financial Market Reforms: An Introduction -- Population Aging and Fiscal Implications for Pension Schemes -- Drivers for Pension Reform and Reform Options -- International Reform Trends and Lessons -- Labor Market Reforms -- Financial Sector Reforms -- Conclusion -- Notes -- References -- Chapter 3 New Social Risks, the Life Course, and Social Policy -- Trends -- Challenges -- A Life-Course Perspective -- Policy Recommendations -- Conclusions -- Note -- References -- PART II Aligning and Linking the Reforms -- Chapter 4 An Overview of Pension, Labor Market, and Financial Market Reforms in Southeastern Europe -- Responses to the Pressures -- Conclusions -- Note -- References -- Chapter 5 European Pension Reforms -- The Pension Challenge and Europe's Open Method of Coordination -- Changes in the Labor Market and Projected Impacts of Reforms on Adequacy and Sustainability -- Risks of Divergence between Member States, Genders, and Qualification Levels -- New Reform Issues -- Conclusion -- Notes -- References -- Chapter 6 The Slovenian Pension System in the Context of Upcoming Demographic Developments -- Developments in the Slovenian Pension System -- Results of the Simulations -- Conclusion -- Notes -- References -- Chapter 7 Decreased Employment and Pensions: The Case of Hungary -- Exodus to Retirement -- Pension Reform 1998 -- Pension Promises until 2020 -- Policy Conclusions -- Notes -- References -- Chapter 8 Live Longer, Work Longer: Making It Happen in the Labor Market -- What Are the Growth and Welfare Implications of Population Aging, and What Can Be Done about Them? -- Why Is It Difficult to Extend Working Lives?.

What Can Be Done to Improve People's Incentives to Work Longer and Their Workplace Choices? -- How Can Employers Be Induced to Offer More Jobs to Older Workers? -- Conclusions -- Notes -- References -- Chapter 9 Preparing the Labor Market for an Aging Population: Designing Public Policy to Increase Labor Force Participation -- Participation Rates in Southeastern Europe -- Slowing Exit from the Labor Force: Supply-Side Incentives -- Slowing Exit from the Labor Force: Demand-Side Incentives -- Impact of Higher Old-Age Participation Rates on Employment Rates of the Young -- Summary -- Notes -- References -- Chapter 10 Retirement Reform in a Mature Welfare State: The Danish Experience -- Projection of the Danish Economy Given Current Welfare Arrangements -- Retirement Reform -- Time-Inconsistency Problems -- Conclusion -- Notes -- References -- Chapter 11 The Pension System and Employment of Older Workers: How to Change the Incentive Structure-The Polish Experience -- Labor Market Participation by Older Workers -- Early Retirement Options in Poland -- Potential Effect of the Pension Reform on Workers' Retirement Behavior -- Change in Retirement Age and Pension Expenditure -- Conclusions -- Notes -- References -- Chapter 12 Turning Boomers into Boomerangs: Policies and Preferences with Regard to the Employment of Older Workers in the Netherlands -- Policies with Good Intentions but Bad Outcomes -- Policies with Good Intentions and Good Outcomes -- The Labor Market for Older Workers: Supply and Demand Factors -- Market Failures and Government Policies -- Notes -- References -- Chapter 13 Pension Reform and Financial Markets: Encouraging Household Savings for Retirement -- Household and Pension Fund Savings: Some Stylized Facts -- Factors Affecting Pension Fund Savings -- Empirical Evidence on Pension Fund Participation and Savings.

Challenges and Policy Implications -- Conclusions -- References -- Chapter 14 Contemporary Issues and Challenges in a Supplementary Pension System: The Case of Slovenia -- Framework for the Future Development of Fully Funded Pensions in Slovenia -- Tax Treatment of the Funded Pension System -- Impact of Strategic Asset Allocation Decisions -- Caveats -- Conclusion -- Notes -- References -- Chapter 15 Designing a Regulatory Framework for Pension Reform and Development of Financial Markets: The Estonian Experience -- Main Features of the Second Pillar -- The Second Pillar in Action -- Changes in the Regulatory Framework since 2002 -- The Impact of Pension Reform on Financial Markets -- Current Issues and Further Development of Pillar II -- Chapter 16 Linking Pension Reform and Financial Market Development: The Experience of Latin America -- Interactions between Pension Reform and Capital Market Development -- Challenges to the Design of Pension Fund Investment Regulations -- Conclusion -- Notes -- References -- Chapter 17 Preparing the Financial Market for an Aging Population: The Case of the FYR Macedonia -- Preparation and Implementation of Pension Reform -- Conclusion -- Note -- PART III Panels and Country Statements -- Chapter 18 Guidance Notes for the Policy Panels -- Questions for the Panel of Ministers of Finance on the Pension Reform -- Questions for the Panel of Ministers of Labor and Social Affairs on the Related Labor Market Reform -- Questions for the Panel of Central Bank Governors on Related Financial Market Reforms -- Chapter 19 Pension Reform: Broad Context and Perspective -- Ensuring Consistency between Pension Reform, the Social Model, and Economic and Demographic Characteristics -- Delimiting the Role of the State: Using Resources Effectively and Efficiently -- Conclusions -- References.

Chapter 20 Aging Populations and the Scope for Adjustment in the Slovenian Labor Market -- Demographic Projections and Estimated Consequences of Slovenia's Aging Population -- Labor Market Developments and the Situation in Slovenia -- Scope for Improvement of Labor Market Performance in Slovenia -- Conclusion -- Note -- References -- Chapter 21 Reforming the Slovenian Pension System: Some Guidelines and Intergenerational Distribution Issues -- The Framework and the Unsustainability of the Current System -- The Retirement Age Adjustment -- The Private Saving Rate Adjustment -- Conclusion: Think about a Wise Combination of Options -- Notes -- References -- Chapter 22 Statement of the Ministry of Labor and Social Welfare, Federation of Bosnia and Herzegovina -- Chapter 23 Statement of the Ministry of Finance, Republic of Srpska -- Chapter 24 Statement of the Ministry of Labor and Social Policy, Bulgaria -- Chapter 25 Statement of the Ministry of Finance, Croatia -- Chapter 26 Statement of the National Bank, FYR Macedonia -- Chapter 27 Statement of the Ministry of Finance, Moldova -- Chapter 28 Statement of the Central Bank, Montenegro -- Chapter 29 Statement of the Ministry of Labor, Montenegro -- Chapter 30 Statement of the Ministry of Finance, Romania -- Pension System Reform: Main Features -- Reform Measures -- Chapter 31 Statement of the Ministry of Finance, Serbia -- Chapter 32 Statement of the Ministry of Finance, Slovenia -- Chapter 33 Statement of the Ministry of Labor, Slovenia -- Index -- Box 5.1 Key Reforms of Statutory Schemes -- Box 8.1 How Different Countries View Old Age and Retirement -- Box 8.2 Push and Pull Factors in Labor Market Withdrawal -- Figure 2.1 Old-Age Dependency Ratios in Selected World Regions, 2000 and Projected to 2050 -- Figure 2.2 Increase in Number of Pension Systems with Second Pillars, 1960-2009.

Figure 2.3 Implicit Tax on Remaining at Work -- Figure 2.4 Ratio of Savers to Dissavers by Region, 1950-2050 -- Figure 2.5 Financial Sector Readiness Indicator Scores in Year of Reform and Five Years Later (or in 2006), Selected Countries -- Figure 4.1 Male and Female Retirement Ages in CEF Countries -- Figure 4.2 Loss of Contributors as a Result of Low Coverage, CEF Countries -- Figure 5.1 Activity Rates in the European Union, by Gender, 1970 and 2000 -- Figure 5.2 Cohort Comparison in the European Union, by Gender, 1981, 1986, and 1991 -- Figure 5.3 Employment Rates of Older Workers, European Union in 2005 and Evolution since 2000 -- Figure 5.4 Share of Part-Time Employment in Employment of Age Group 55-64, European Union, 1995-2006 -- Figure 5.5 Reasons for Leaving Last Job or Business for Workers Age 55-64, European Union, 1995-2006 -- Figure 5.6 Dispersion of Employment Rates, Ages 55-64 and 25-54, European Union, 1983-2006 -- Figure 5.7 Employment Rates by Gender, Age 55-64, European Union, 1992-2006 -- Figure 5.8 Employment Rates for Men Age 55-64, by Skill Level, European Union, 2000 and 2006 -- Figure 5.9 Trends in Replacement Rates: Effect of Enacted Reforms at a Given Retirement Age, 2005 and 2050 -- Figure 5.10 Trends in Pension Expenditures, European Union (EU25), 2005-50 -- Figure 5.11 Projected Evolution of Theoretical Replacement Rates (TRRs) and Pension Expenditures for Public Pension Schemes, European Union -- Figure 5.12 Change in (Synthetic) Replacement Rate and Decline in Employment Rates between Ages 55-59 and 60-64, Selected European Union Countries, 2006 -- Figure 6.1 Welfare Effects in Slovenia for Different Sources of Pension System Financing (Retirement Age 60 and Full Indexation), 1925-2055.

Figure 6.2 Supplementary Pension Savings Required in Order to Keep the Total Pension at the Given Level (Retirement Age 60 and Full Indexation), Slovenia, 1960-2050.