It is now a commonplace that the unfunded public pension systems of many OECD countries will run into severe financing problems in the coming decades due to a dramatically increasing pensioner/worker ratio. While this diagnosis is completely undisputed, there is still a vigorous debate on the...

In recent years a number of panel estimators have been suggested for sample selection models, where both the selection equation and the equation of interest contain individual effects which are correlated with the explanatory variables. We review and compare some of these estimators, and apply...

Migration is an unavoidable aspect of globalization. While full flexibility is politically unfeasible, the paper argues for regulated openness. Migration in the age of globalization should be judged according to the labor market needs of the receiving countries. This would also serve best the...