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 …

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 …

We study, both empirically and quantitatively, the role of savings and the labor supply in self-insurance channels over … the life cycle when one faces not only idiosyncratic income risks, but also changes in longevity risk and pension benefits … social security benefits for the period 1995-2009. We find that both savings and the labor supply are quantitatively …

the elderly. This study suggests that these demographic trends may lead to a decline in the G-7 private savings rate after …

We study the effects of permanent and temporary income shocks on precautionary saving and investment in a ""store … investment, or a ""volatility trap."" Namely, big savers invest relatively little. In contrast, low volatility of permanent … shocks leads to low precautionary saving and high or low investment, depending on the volatility of temporary shocks …

account, driven by an initial, sharp decline in investment and fueled by medium term deleveraging, more so in advanced …

Domestic savings and investment are positively correlated across countries and through time, as Feldstein-Horioka (FH … relationship is causal: an exogenous rise in savings increases investment. This result holds in the full sample of countries and … endogeneity bias. The core of our identification strategy relies on the idea that population age structure influences savings, but …