We simulate the budget of the main pension institution of the country, the Banco de Previsión Social (BPS), from 1995, the year the reform was passed, to 2050, when the new system should be mature. We perform several sensitivity analyses to evaluate which are the key exogenous variables and...

Edward P. Lazear‘s thesis that “personal accounts are more consistent with economic principles, avoid government moral hazard, and provide more security than government Social Security” is unsound. The same applies to a number of other statements that are made in the process of expounding...

Although immigration of workers generates a positive externality on members of domestic pension systems, many countries are very reluctant to allow foreigners into their labor markets. In a political economic framework, we explain this voting outcome by considering a young unskilled median voter...

This study compares transition processes in countries of Central and Eastern Europe, the former Soviet Union (FSU) and sub-Saharan Africa. By widening the scope from most- to least-developed transition economies, the study establishes the importance of a strong state with evolved institutional...

We investigate the interactions between optimal regulation and external credit constraints. When part of a regulated ¯rm is owned by foreign investors, a credit-constrained country who wants to send pro¯ts abroad has to generate enough surplus in the trade account in order to compensate...

This research argues that the rapid expansion of international trade in the second phase of the industrial revolution has played a significant role in the timing of demographic transitions across countries and has thereby been a major determinant of the distribution of world population and a...

This paper considers a two-country world where the population in one country grows faster than the other, and investigates the implications of the addition of non-stationary population dynamics to a simple 2- commodity, 2-factor model of international trade within an overlapping- generations...

This paper considers a two-country world where the population in one country grows faster than the other, and investigates the implications of the addition of non-stationary population dynamics to a simple 2- commodity, 2-factor model of international trade within an overlapping- generations...

This paper examines the growth pattern followed by the Chilean economy with reference to the macroeconomic reforms undertaken during the Pinochet regime, which were largely maintained by successive democratic administrations and partially reproduced by neighbouring countries. The focus is on the...