-generations model, where one country has PAYG pensions and the other country has funded pensions. The paper shows that the PAYG country …

decomposition of indicators is empirically relevant. Standard generational accounting suggests that fiscal sustainability in Spain … comparisons of the fiscal sustainability indicators obtained across time and countries truly meaningful. We also show that a … demographic effect and a debt effect may bias fiscal sustainability measures over time, and establish a routine to control for …

reform, the U.S. risks joining the PIIGS – Portugal, Ireland, Italy, Greece and Spain – on the road to ruin through …

whether Italy's public finances can achieve sustainability under the spending pressure exerted by future demographic and … macroeconomic developments. The paper addresses this question by assessing long-term fiscal sustainability, following the …

Using an overlapping generations model, two new indicators of public pension system sustainability are proposed: the … are strikingly different. Most nations have little scope to further finance pensions out of labour income taxation over …

whether Italy's public finances can achieve sustainability under the spending pressure exerted by future demographic and … macroeconomic developments. The paper addresses this question by assessing long-term fiscal sustainability, following the commonly …

scheme ("second pillar") that will provide increasing amounts of supplementary pensions to those entering retirement in the …

sustainability if long-term interest rates rise. Bringing back public debt to 60% of GDP even by 2030 would require a fiscal effort …