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Issue № 29. December 2011

Pension Reform as a Factor of Long-term Economic Growth

Arkadiy C. Solovjev

Ph.D., professor, Head of Actuarial Accounting and Strategic Planning Department, Pension fund of the Russian Federation.
E-mail: sol26@100.pfr.ru

This article examines the process of the Russian pension reform, launched in 2002. The aim of the reform was the implementation of insurance principles, which allow balancing the pension rights and obligations in the long run. At each stage of the reform measures are to be adapted to specific macro-economic and demographic conditions. The macroeconomic significance of the pension system has increased dramatically in light of the global financial crisis and the growing influence of the demographic crisis. Foreign practice shows that only insurance mechanisms are capable of providing pension retirement systems to adapt to the cyclical nature of market development and long-term financial stability.

Keywords

Pension system, pension reform, demographic crisis, state budget, global financial crisis, budgeted deficit, pension reform insurance mechanism.

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