Abstract
Abstract In the former socialist countries, a fundamental shift from the existing “pay-as-you-go” financed pension schemes towards new (and often mandatory) “capital-funded” schemes took place during the last two decades. How did the financial crisis affect these schemes as well as political decisions for further reform? This topic is discussed in detail in the following four papers. The introductory paper outlines several dimensions of the topic as well as major differences between the four countries. The crisis has already had an important impact on pension policy. In the future, the growth in public debt that took place during the crisis will result in additional pressure (beside activities to cope with the process of ageing) to reduce social expenditure.
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