"In this paper the authors reconsider the idea of an earnings-related pension system with reserves invested in indexed government bonds as a mechanism to both ensure financial sustainability and improve security. They start by reviewing the characterization of the sustainable rate of return of...

"Freund and Ozden provide new survey evidence showing that loss aversion and reference dependence are important in shaping people's perception of trade policy. Under the assumption that agents' welfare functions exhibit these behavioral elements, they analyze a model with a welfare-maximizing...

Over the last several years, the Government of Togo has made important advances in the area of social protection. Although Togo has had limited social insurance and social assistance programs, the economic shock and natural disasters starting in 2008 brought the need for better mechanisms of...