Galasso, Vincenzo; Gatti, Roberta; Profeta, Paola - In: International Tax and Public Finance 16 (2009) 4, pp. 538-559
In the last century, most countries have experienced both an increase in pension spending and a decline in fertility …. We argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility … children, thus relaxing financial (saving) constraints and reducing fertility. We build a simple two-period OLG model to show …