Analyzing 30 OECD-countries between 1980-2010, this paper estimates the effect of an aging electorate on public expenditure on old age. The main outcome is that an increase in the age of the median voter is not significantly associated with more generous pensions. The second result is that an...

Analyzing 30 OECD‐countries in 1980‐2005, this paper documents the effect of an aging electorate on retirement spending. The first outcome is that an increase in the age of the median voter is not significantly associated with an increase in retirement spending relative to GDP. The second...

This paper develops an analytical framework for the design of pension systems, taking the functions of the pension system as the guiding principle. It discusses the economic principles underlying these functions and their implementation in practice. In particular, it distinguishes three...

This paper takes stock of the evolution in pension systems and the challenges that remain for the future. It derives a typology of pension systems and uses this to discuss the strengths and weaknesses of alternative systems. After describing how pension systems in the industrial world have been...

Growing pension savings lead to deeper capital markets. This can have a positive effect on economic growth by allowing firms that are more dependent on external finance to grow faster. We study this effect using data on 69 industrial sectors in 34 OECD countries for the period 2001-2010 through...