altruism. A fall in the population growth rate, even to negative values, will imply a reduction of the interest rate and an …

Pensions may be provided for in a modern society by several methods, viz., voluntary individual savings, mandatory … individual savings, that the fully funded occupational system is decided upon by the age cohort of the median worker and that … decisions is a Pareto-equilibrium. Nowadays most of capital supply stems from individual and institutionalised pension savings …

-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …

This paper examines the optimal allocation of risk across generations whose savings mix is subject to illiquidity in … for the trading friction. We still find that a contingent transfers policy based on a reasonably parametrized savings …