Success and Failures of the Russian Pension Reform

DOI

10.2991/aebmr.k.200312.157How to use a DOI?

Abstract

According to the world experience, it is impossible to balance the federal budget and provide Russians with pensions that would allow them to live with dignity after the end of their working period. Examples are failures that Ukraine and Greece suffered while trying to carry out ambitious retirement plans. The reason is simple. Populist governments accept generous retirement programs under the influence of suddenly increased budget revenues or opportunities to attract cheap resources from financial markets. The problem arises when these sources are temporary. The government has to choose between two alternatives: a balanced budget vs. a tough painful pension reform, generous pension funding vs. devastating hyperinflation. The Russian economy has faced these dilemmas. The first step was the decision of the Government of Russia to raise the retirement age.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - M V Bogatyreva
AU  - A E Kolmakov
PY  - 2020
DA  - 2020/03/17
TI  - Success and Failures of the Russian Pension Reform
BT  - Proceedings of the International Scientific Conference "Far East Con" (ISCFEC 2020)
PB  - Atlantis Press
SP  - 1140
EP  - 1143
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200312.157
DO  - 10.2991/aebmr.k.200312.157
ID  - Bogatyreva2020
ER  -