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 …

The Greek pension system has been costly, complex, and distortive, which has contributed to Greece's fiscal problems … throughout the long-term, these reforms can go a long way towards enhancing the pension system affordability. However, reforms …

pension reform and rapid aging together contribute 55 percent of the increase in the household saving rate from 1995 to 2009 … the life cycle when one faces not only idiosyncratic income risks, but also changes in longevity risk and pension benefits … important self-insurance channels in responding to changes in longevity risk and pension benefits, and the responses via …

Several European countries are currently considering reversing parts of their pension reforms that were adopted … replicates the Ageing Report's pension expenditure projections very well. We calculate the macroeconomic impact of first the … additional pension reforms needed to contain the public debt pressures arising from population ageing and second the costs of …

Past reforms have put the Peruvian pension system on a largely fiscally sustainable path, but the system faces … important challenges in providing adequate pension levels for a large share of the population. Using administrative microdata at … positive impact. In the medium-term, labor market reform to tackle informality, and a broad pension reform to restructure the …

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 …

This paper reviews developments in pension systems in 11 transition economies during the 1990s, highlighting the forces …

and pension reforms can account for over half of the increase in the urban household savings rate in China since the mid …China’s household saving rate has increased markedly since the mid-1990s and the age-savings profile has become U …-shaped. We find that rising income uncertainty and pension reforms help explain both of these phenomena. Using a panel of Chinese …