This paper analyzes the impact of aging on capital accumulation and welfare in a country with a sizable unfunded social … societies: aging leads to a greater increase in welfare when it is driven by an increasing longevity and the retirement age is … savings and, thus, income and welfare, in a closed economy with unfunded pension system based on defined contributions …

This paper analyzes the impact of demographic aging on capital accumulation and welfare in economies with unfunded … longevity, an unregulated retirement age system leads to a greater improvement in welfare. In contrast, with decreasing …