In The Decline of the Welfare State, Assaf Razin and Efraim Sadka use a political economy framework to analyze the effects of aging populations, migration, and globalization on the deteriorating system of financing welfare state benefits as we know them. Their timely analysis, supported by a...

"In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of...

We distinguish two ways in which national public pension systems can distort intra-EU movements of workers. First, each national pension system may display an inherent mobility bias. We propose the ‘Lodge Test’ to identify any such bias and show that many national pension systems in the EU...