capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations … model to illustrate the channels through which demographic variables and pension system generosity interact to affect both … demographic change and pension reform. We find that the generosity of the pension system plays an important role in determining …

Security Administration. If the current unified budget framework, which includes Social Security trust fund flows, is retained …

The Netherlands has been operating fully funded, defined benefit second pillar pension schemes that have consistently …-term sustainability of the Dutch pension funds has been undermined in recent years by protracted low interest rates and unfavorable … implemented in peer countries, to discuss the main policy trade-offs associated with the reform of mature pension systems in …

growing advocacy of funded public pensions as part of an ideal pension system, which raises more general issues about the role … of the public sector in pension provision …

The Chinese pension system is highly fragmented and decentralized, with governance standards, pension fund management … practices, their regulation and supervision varying considerably both across the funded components of the Chinese pension system … identifies remaining weaknesses, in regard to information disclosure, the governance framework and pension fund management …

-freezing pension benefits for two years, raising the retirement age and increasing the contribution rate by one percentage point …-that, if implemented, would put the pension schemes on a stronger financial footing. While the appropriate combination of …

investment, which has probably exacerbated the cyclicality of the economy. The expected reform of the pension system is likely to …

This paper reviews the financial implications of aging for the pension system in Belgium during 1995-2050. Our … simulations indicate a strong rise in pension expenditure over the next half century, as is the case in other industrialized … countries. In Belgium, the problem is particularly acute in the pension system for civil servants. The impact of amending …