The finances of the Czech pension system have deteriorated markedly in recent years and the aging population will add further strains in the future. The system is also burdened by significant distortions and disincentive effects. This paper assesses the current pay-as-you-go (PAYG) system,...

The paper reviews the historical experience of developing countries with bond issues in international markets in order to put the recent wave of bond financing by these countries in some perspective. It examines developments in the early part of this century and during the mid-1970s and early...