Old age pensions and public education account for a large share of public budgets. We link
both programs through a tax-transfer system that is also sensitive to labor market distortions …

Even after the Amato (1992) and Dini (1995) reforms, 1 the Italian pension system is
fundamentally based upon a PAYG scheme, the funded component being so far negligibl …

Das Umlage-und das Kapitaldeckungsverfahren werden verglichen. Das
Kapitaldeckungsverfahren hat eine größere Rendite für den einzelnen und bringt …

Generational Accounting is only a shortcut to a general equilibrium analysis because it is
assumed that individual decisions are unaffected by policy reforms. Nonetheless only two …

The liability facing a pay-as-you-go social security system can be calculated in several ways.
Many conversions, including that which took place in Chile, and in many plans to convert the …

The discourse on implementation of policy among scholars is increasing on daily basis. A lot
of arguments and counter arguments were rooted in top-down, bottom-up and hybrid …

Many studies have shown that retirees or employees in their late working life are worse off if
the existing pay-as-you-go (PAYG) system is replaced by a fully or partly funded system …

This paper empirically assesses the link between demographics, pension systems, and
current account (CA) balances using the IMF External Balance Assessment (EBA) model …