Social institutions face many challenges. The recent economic crisis has provided a stress test as it has left a legacy of high unemployment and high government debt in many countries. It also lowered potential output and thus the revenue base for social protection schemes. At the same time,...

The recent economic crisis has provided a stress test for the vulnerability of social institutions. This paper assesses the vulnerability of social institutions in light of the current crisis, and surveys past episodes, when social institutions faced similar challenges. Public pay-as-you-go...

Social institutions face many challenges. The recent economic crisis has provided a stress test as it has left a legacy of high unemployment and high government debt in many countries. It also lowered potential output and thus the revenue base for social protection schemes. At the same time,...

The recent economic crisis has provided a stress test for the vulnerability of social institutions. This paper assesses the vulnerability of social institutions in light of the current crisis, and surveys past episodes, when social institutions faced similar challenges. Public pay-as-you-go...

Ein Grundprinzip der Gesetzlichen Rentenversicherung in Deutschland ist das der „Teilhabeäquivalenz“, das die Proportionalität zwischen Rentenansprüchen und Beitragszahlungen ausdrückt. Verfechter des Systems rechtfertigen dieses Prinzip mit dem Ziel der Verteilungsneutralität. Gerade...

This paper presents a simulation framework developed to assess the impact of ageing on the financial sustainability of the Czech pension system. It accompanies the publication OECD Reviews of Pension Systems: Czech Republic. The framework has two components: a macroeconomic model to project...

We consider both theoretically and empirically the effect of unemployment insurance (UI) on precautionary savings behavior. Simulations of a stochastic life cycle model suggest that increasing the generosity of UI will substantially lower the asset holdings of the median worker, and that this...

This paper provides a framework for comparing a defined benefit (DB) and a defined contribution (DC) point schemes, which are both pay-as-you go (PAYG) financed. Two stylised PAYG pension schemes are modelled and simulated to compare their robustness to shocks. The same demographic developments...

Demographic developments are unfavourable for the financing of pension schemes in most OECD countries, implying continued growth in pension expenditure in virtually all OECD countries. This paper examines the vulnerability of pension systems, with an emphasis on financial sustainability and...