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International Monetary Fund. European Dept.

. Measurement Biases D. The Role of the Primary Income Balance E. Danish Taxation System F. Policies G. Main Conclusions and Future Work References ANNEXES I. Pension System in Denmark II. Measurement Bias: Technical Details III. Primary Income: Technical Details

International Monetary Fund. European Dept.

Structure in an International Comparison C. Risks to Fiscal Sustainability D. Concluding Remarks and Policy Recommendations FIGURES 1. General Government Revenues 2. Size and Composition of Public Expenditure 3. Public and Private Spending in Key Functional Areas 4. Comparison of Social Outcomes to Spending 5. Ageing Trends and Age-Related Spending ANNEXES I. Pension System and Impact of Recent Reforms II. Healthcare System and Impact of Recent Reforms AUSTRIA’S MIGRATION RECORD: MACROECONOMIC CHALLENGES AND OPPORTUNITIES A

International Monetary Fund

-mail: publications@imf.org • Internet: http://0-www-imf-org.library.svsu.edu Price: $15.00 a copy International Monetary Fund Washington, D.C. Front Matter Page INTERNATIONAL MONETARY FUND REPUBLIC OF BELARUS Selected Issues Prepared by Etibar Jafarov, Martin Sommer, Thomas Richardson, and Roman Zytek Approved by the European II Department March 27, 2003 Contents I. Pension System Finances and Reform Options Executive Summary A. Introduction B. Interaction of Demographics and Wage Policies C. SPF Finances in 2002 D. Projecting Annual SPF Cash

International Monetary Fund. European Dept.

C. The EU Fiscal Framework and Pillar II Reversals D. Conclusions FIGURES 1. Selected European Countries: Key Demographic Data 2. Second Pension Pillars and National Savings 3. Pillar II Pension Funds: Returns and Fees 4. Pillar II Pension Reversals TABLES 1. Pension Spending Projections 2. Net Present Value of Pension Deficits 3. Treatment of Net Cost of Systemic Pension Reforms in the EU Fiscal Framework (the Stability and Growth Pact (SGP) APPENDICES I. Pension Systems in NMS-6 and Recent Pension Reforms II. Evolution of Pillar II

International Monetary Fund

Criterion and Benchmarks, April 30, 2001 Appendixes I. Pension System Reform II. Labor Market Developments and Prospects III. Fiscal Transparency ROSC IV. Fund Relations V. Technical Assistance from the Fund, 1999-2001 VI. Relations with the World Bank VII. Statistical Issues VIII. Core Statistical Indicators Front Matter Page INTERNATIONAL MONETARY FUND REPUBLIC OF ESTONIA Staff Report for the 2001 Article IV Consultation—Supplementary Information Prepared by European II Department Approved by Jorge Márquez-Ruarte and Mark Allen

International Monetary Fund

system. The gap arising from lower contributions available to finance an unchanged level of current benefits in the public pay-as-you-go system amounted to about 1.5–2 percent of GDP between 2000 and 2010. In 2009 and 2010, it accounted for about half of the yearly gap between social revenues and expenditures of the public pension system. Deficit of the Pillar I Pension System (Revenues Minus Contributions, percent of GDP) Source: Poland Ministry of Finance. Public Debt due to Prefunding and Private Pension Fund Assets (percent of GDP) Source

International Monetary Fund
Selected issues of Poland are studied in this paper. The global projection model used to prepare the baseline inflation forecast and risk assessment for Poland is also explained. Baseline forecast, risk assessment, and policy communication are discussed. The pension reform has been a cornerstone of fiscal policies in Central and Eastern Europe (CEE). Problems with the Stability and Growth Pact (SGP) rules, a brief discussion of reform reversals, and policy options for both individual countries and those at the EU level are also discussed. Fiscal implications of pre-funding future liabilities are also studied.
International Monetary Fund. European Dept.

require moving away from the headline deficit as the main assessment tool—which, in turn, has other drawbacks (for example, the headline deficit can be computed from observed data, while concepts like pension adjustment balance require parametric assumptions about discount rates, etc.). Still, such an effort is worthwhile to avoid discouraging countries from pre-funding ageing costs. Appendix I. Pension Systems in NMS-6 and Recent Pension Reforms New Member States Pension Systems–an Overview The pension systems of the new member states (Bulgaria

International Monetary Fund. European Dept.
This paper reviews two main issues pertaining to Austrian economy: (1) Austria's long-term fiscal sustainability in light of current tax and expenditure trends, and (2) Austria's macroeconomic challenges and opportunities due to immigration. To maintain fiscal sustainability over the longer run, Austria needs to implement a strategy based on structural expenditure consolidation. Attention to the structure of Austrian taxes and expenditure is germane because this displays important differences vis-á-vis European peers. In 2015, Austria has recorded about 90,000 asylum applicants, making it one of the top three host countries relative to its population. Austria attracts immigrant populations that improve the characteristics of its labor force.