"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...

The transition from a wholly public, pay-as-you go pension system to one where pensions are also provided by individual, privately managed pension accounts does not directly affect those receiving pensions at the time of the reform. Nevertheless, it could affect all current and future workers. A...