predicts lower future pensions to reduce fertility, while the 'old-age security' to increase it. Our empirical analysis … identifies a clear and robust positive effect of less generous future pensions on post-reform fertility. These findings are … consistent with 'old-age security' even for contemporary fertility. …

In the last century most countries have experienced both an increase in pension spending and a decline in fertility. We … argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility … children, thus relaxing financial (saving) constraints and reducing fertility. We build a simple two-period OLG model to show …

empirical specification which matches our model. First, we test the effect of electoral incentives under majority rule, by …

pension benefits. We show that in a Markovian political economic theoretical framework, in which incentives to retire early … share of elderly in the population, which increase the proportion of retirees, but has hardly any effect on the per capita …

retirement period and the total pension benefits of the former relatively to the latter. This effect, whose empirical relevance …

bidimensional majoritarian election. For enough income inequality and elderly in the population, both welfare programs are supported …