Public pensions – the primary pillar of old-age income provision – will, in the future, be less generous than they have been in the past, in particular owing to the impact of demographic change. The pension gap is supposed to be plugged by the second and third pillars of pension...

Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high effective replacement rates. Most workers receive virtually all of their retirement income from this public retirement insurance. Costs are almost 12...

Over and again, the reduction of working time is praised as the instrument against unemployment in Europe. While the first round argument appears obvious – less work for some will create more work for others – second round repercussions, such as consequential labor cost increases,...

Global aging will be a major determinant of long run economic development in industrial and developing countries. The extent of the demographic changes is dramatic and will deeply affect future labor, financial and goods markets. The expected strain on public budgets and especially social...

This paper studies the relationship between demographic change and international capital flows using a large cross-country time-series dataset. The analysis provides empirical evidence of a substantial and twofold demographic effect on international capital flows: First, capital flows are...

This contribution builds upon a former paper by the authors (Lipps and Betz 2004), in which a stochastic population projection for East- and West Germany is performed. Aim was to forecast relevant population parameters and their distribution in a consistent way. We now present some...

Der demographische Wandel stellt die umlagefinanzierte Rentenversicherung in Deutschland vor große Probleme. Deshalb wurde mit der Rentenreform 2001 die Absenkung des gesetzlichen Rentenniveaus beschlossen und dafür die kapitalgedeckte zweite und dritte Säule der Altersvorsorge deutlich...

Der demographische Wandel ist auch für Baden-Württemberg einer der „Megatrends“ dieses Jahrhunderts, der die politische, soziale und ökonomische Situation des Landes entscheidend verändern wird. In 25 Jahren wird jeder dritte Bürger Baden-Württembergs 60 Jahre oder älter sein....

Der Abbau der Schwankungsreserve war in jüngster Zeit wieder einmal Gegenstand der politischen Diskussionen zur Stabilisierung des Rentenversicherungsbeitragssatzes. Im folgenden wird die Funktion der Schwankungsreserve näher untersucht und berechnet, in welchem Umfang sie vorgehalten werden...