We elicit preferences for retirement timing in a laboratory experiment. Subjects make retirement choices under different payoff schemes that introduce variation in financial incentives. Testing ceteris paribus conditions of the financial incentive alone shows a considerable delay of retirement...

This chapter documents the substantial decline in traditional sources of longevity insurance, and shows that published statistics on the individual annuity market greatly overstate its size and growth. It considers whether the decline in annuitization rates is cause for concern. It then...

The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and...

This study analyzes the impact of public and private pensions on the capital market to examine the empirical arguments for the need for pension development. To this end, we conduct an empirical analysis of the effect of pension assets on the capital markets in 17 OECD member countries. The...

This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An ageing population both increases the supply and lowers demand of capital in an economy. Due to a longer life span individuals save more. Fewer workers reduce the optimal capital...