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| 1 |
ID:
149428
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| Summary/Abstract |
In toll-road projects there is exogenous demand risk. Thus, the government may be required to provide a minimum-traffic guarantee to induce potential private partners to participate. The government must offer the most appropriate level of guarantee while also justifying this controversial fiscal policy tool to society. This study demonstrates the use of financial modeling, risk analysis, and economic evaluation in a toll-road project in Turkey, contributing to the narrowing of a capacity gap in the field. One criterion is proposed to produce a socially equitable guarantee level. This case study exemplifies the policy implications discussed in the conclusions, with a critical look at the public–private partnerships within the context of the neoliberal economic development theory.
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| 2 |
ID:
160439
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| Summary/Abstract |
This paper estimates the annual and present value of the future deficits of the Pay-As-You-Go (PAYGO) Civil Service and Social Security pension systems in Northern Cyprus. The historical and political context that led to their current design is reviewed. The quantitative analysis covers the period from 2015 until the last person now contributing retires and dies. The findings indicate that the system is not sustainable unless major reforms are implemented. Various parametric reform options are also assessed in this study. The estimated unfunded cost of these pension plans is found to be so large that none of these reforms alone is effective in fixing the fiscal imbalances already created. Structural reforms in the context of an overall income tax reform are needed to reduce the generosity of the pensions formula, increase in the age of retirement and increase the rates of contribution.
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| 3 |
ID:
190688
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| Summary/Abstract |
This study addresses economic issues associated with the private defined benefit pension system in Turkey. Findings show that the new Turkish pension scheme has generated significant welfare improvements for individual investors, but at a loss in tax revenue and an economic resource cost to the country. If the bank-administered Tax-Free Contribution Accounts and/or Tax-Free Savings Accounts, similar to those operating in Canada, were adopted in Turkey and the requirement of holding government securities was lifted, such schemes would provide contributors with benefits similar to what they currently enjoy under the new Turkish scheme, while eliminating the economic resource costs of administration and improving their net fiscal impact.
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