"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...

This note provides an overview of demographic changes in Azerbaijan and their policy implications. Azerbaijan's population is younger than the populations of most countries in the region. It is estimated that the population in Azerbaijan will increase from about 7.2 million in 1990 to 10.6...

This note provides an overview of demographic changes and their policy implications in Armenia, with particular reference to the poor. Armenia is currently experiencing a significant aging of the population and decrease in the size of the population, these changes have far-reaching implications....

Mali has demographic characteristics similar to most sub-Saharan African countries, except for those of Southern Africa. The population of Mali is very young: in 1998, 46.3 percent of the population was under 15 years of age. Whereas mortality, especially infant and child mortality, has...

As a result of low fertility rates and high life expectancy, the current demographic trends in Sri Lanka include a declining share of children and increasing share of elderly, and (for now) an increasing working age population. Sri Lanka has a unique window of opportunity to take advantage of...

This report describes the demographic transition in the Russian Federation and its implications for adult learning and long-term care policies. The population of Russia is aging and declining rapidly compared to other European nations. Russia's current age structure results from decades of...

The report provides recent macroeconomic developments, outlook, and risks that Mongolia faces. The timing of the release of this report is ideal considering that, the Mongolian economy, which was recovering from the COVID-19 on the back of a successful vaccination program and income support,...

"This paper relaxes some key assumptions in the probabilistic approach to fiscal sustainability. First, the authors identify structural breaks over the sample period used to estimate the covariance matrix of the shocks to the debt ratios. Second, the assumption of normality of the shocks is...

"A resurgence of recent interest in fiscal federalism has been a source of concern among macroeconomic stabilization experts. They argue that a decentralized fiscal system poses a threat to macroeconomic stability as it is incompatible with prudent monetary and fiscal management. The author...