In March 2000 Bucharest entered into a concession contract for its water utility with the aim of turning around the utility's faltering performance. Under the private operator the utility has raised service quality above Romanian standards and toward Western European levels. By 2008 efficiency...

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...

The adequacy of retirement incomes is a central goal of all types of pension system. In defined contribution pension plans, the benefit depends on the amount of money paid in, the investment returns earned, and the amount fund managers charge for administering accounts and investing the assets....

There is a widespread perception that public pension systems in richer countries are in crisis. As schemes mature and the population ages, the burden of financing pensions has grown and, on current policies, will rise much further. Developing countries are younger and pension systems relatively...