The similarity of European pension systems in terms of OMC objectives
A cross‐country study
Bibliographic Data
| ID | 11198087 |
|---|---|
| Authors | Filip Chybalski (0000-0001-9555-8741, Department of Management Lodz University of Technology Lodz Poland, corresponding author), Małgorzata Gumola (0000-0003-0988-6955, Department of Management Lodz University of Technology Lodz Poland) |
| Year | 2018 |
| Volume | 52 |
| Issue | 7 |
| Pages | 1425-1440 |
| Publication date | 2018-12-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Social Policy and Administration (JOURNAL) |
| Journal identifiers | ISSN: 0144-5596 • E-ISSN: 1467-9515 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/spol.12406 |
| OpenAlex | W2794350918 |
| Language | EN |
| References cited | 22 |
For several decades, pension systems across the world have been undergoing reforms. The main reasons for this are demographic changes and increasing life expectancy. To make these reforms more effective and ensure that they are based on the best benchmarks, the European Union (EU) has introduced the Open Method of Coordination (OMC) in the field of pensions. This study investigates whether European pension systems have become more similar and convergent in terms of the three main objectives of the OMC: adequacy, sustainability, and modernization of pensions. Our methodology is based on multivariate statistical analysis, and employs synthetic indicators as well as agglomerative hierarchical clustering. We analyze 27 countries in the years 2005, 2010, and 2015. The article contributes to the existing literature on pension reforms through investigation of the convergence of EU pension systems in terms of the three OMC objectives, in order to evaluate the effectiveness of this public policy concept. Our approach differs from that generally found in the literature, especially in terms of the methodology employed. The results support the view that the OMC is not an effective means of making European pension systems more convergent and better in terms of adequacy, efficiency, and modernization. Any improvement in OMC performance in the field of pensions, even if observed, is not as significant as expected
Actuarial science · Convergence (economics · Economic growth · Economic policy · Economics · European union · Field (mathematics · Life expectancy · Modernization theory · Order (exchange · Pension · Population · Public economics · Sociology · Sustainability · Finance · German Economic Analysis & Policies · Global Health Care Issues · Regional Development and Policy
Technological Diffusion, Convergence, and Growth
Hierarchical Grouping to Optimize an Objective Function
Towards A Social Investment Welfare State?Ideas, Policies and Challenges
Enabling Social Policy
Testing the Convergence Hypothesis
Why and how (still) study the Open Method of Co-ordination (OMC)
The open method of coordination on pensions
Social Benchmarking, Policy Making and New Governance in the Eu
A toothless bite? The effectiveness of the European Employment Strategy as a governance tool
Divergence within Convergence
Policy Diffusion and Policy Transfer in Comparative Welfare State Research
Convergence
The politics of poverty in the European Union
What can ‘benchmarking’ offer the open method of co-ordination
A new form of governance? comparing the open method of co-ordination to multilateral surveillance by the IMF and the OECD
| Highly cited | No |
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