In the next 30-40 years, past changes in fertility and mortality will lead to a significant increase in the share of the elderly. This study suggests that these demographic trends may lead to a decline in the G-7 private savings rate after 2000, compounding the impact of social expenditure...

This paper reviews the financial implications of aging for the pension system in Belgium during 1995-2050. Our simulations indicate a strong rise in pension expenditure over the next half century, as is the case in other industrialized countries. In Belgium, the problem is particularly acute in...

While Thailand's pension system is typically described as a multipillar pension scheme, its design is highly fragmented and offers adequate coverage only to a small segment of the population, including civil servants and high-income individuals. In its 2018 Article IV report, the IMF highlighted...

This paper presents a technical note on Mexico’s Financial Sector Assessment Program update. The Mexican experience displays interesting characteristics that provide lessons for other countries that still need to design the decumulation phase of their newly established second pillars. The...

This technical note examines pensions with profit contracts in Denmark. The Danish life insurance and pension sector is sensitive to a range of risks on both the asset and liability side of the balance sheet. One of the principal vulnerabilities for the sector arises out of the requirement to...

The Selected Issues paper discusses measures taken by the Chilean government to record moderate economic growth in 2012. The easing of fiscal stance and tightening of expenditure have proved to prevent a decline in the economy. The authorities have estimated retaining a favorable economic...