Different versions of pay-as-you-go public pension programs may have entirely different
effects on the intergenerational distribution of income risk. If the pension benefit is a fixed …

The paper compares the pay-as-you-go system and a capital funded system of old age
insurance. The capital funded system has a higher rate of return. Pension income can be …

Abstract The Pension Law of 1997 has aroused the interest of the public as well as the
experts in the Hungarian pension system. But the Hungarian pension reform is an ongoing …

This paper empirically investigates the role of pension systems in driving current account
balances. We construct three indicators—a system's type of funding, generosity, and …

Fiscal problems are prompting many developing nations to amend and sometimes
restructure their national old-age programs. As they do so, these countries seek guidance on …

Many reform proposals of the social security systems in various OECD economies suggest
to scale down the non-actuarial parts of the pension systems. These reforms have a flavor of …

In this paper we examine and ultimately challenge the traditional viewpoint on the future of
current pension systems in Europe, according to which the effects of the ageing bomb will …

Almost two decades have passed since the development of the prototype of the Auerbach-
Kotlikoff dynamic life-cycle simulation model. The model has been used to examine a host of …

The driving force behind the improvement in the quality of life, the rising standard of living,
improving health, and increasing longevity, is a process called 'technophysio evolution' …

In the summer of 1997, the Hungarian Parliament passed a proposal for a systemic reform to
the pension system, involving substantive changes to the existing public pay-as-you-go …