A. М. Baghdasaryan
Problems of pension system reforms, financial system stability and capital market development in emerging economies
(original language – English)
The article considers problems of pension system reforms arising in most countries with transition economy. As a solution introduction of multi-pillar system of pension provision is recommended. This system supposes existence of pillars based on the principles of both pay-as-you-go system and funded system. Nonetheless, introduction of mandatory funded pension system is connected with substantial risks. The presented article is devoted to the analysis of the risks of introduction of mandatory funded pension system and the main mechanisms of mitigation of risks as well as the social aspects of the reform.
Key words: financial system stability, pension system reform, minimum subsistence level, transition economy, capital market.
Placed in №1, 2012.
Affiliations: Baghdasaryan Areg Meruzhan, Doctor of Economics, Associate Professor, State Agrarian University of Armenia, International Scientific-Educational Centre of National Academy of Sciences of the Republic of Armenia.
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