Wpływ systemu emerytalnego na gospodarkę
The Impact of the Pension System on the Economy

Summary/Abstract: The puropse of this article is to discuss the impact of a pension system on the economy and vice versa. It discusses the basic relationships between the pension system and the labor and capital markets. Due to its significance, the concept of pension debt and its impact on the public debt is scrutinized. Three elements of the pension debt in Poland are identified - demografic, political, and transition implemented in 1999. The article finds that the main reason for the postulated changes to the capital pension pillar in Poland is the way in which Eurostat defines the assets of pension funds. It is also argued that several objections formulated against the capital pension in Poland are misleading. Finall, the paper discusses possible scenarios for partially easing the demographic problem of developed countries' pension systems by means of foreign investments and their accompanying problems.

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