We study the use of pension funds in the Finnish earnings-related pension system with the aim of smoothing contributions over time under demographic and economic risks. Smoothing is affected by the revisions in long-term forecasts and is thus imperfect. As a partially funded defined-benefit...

This study analyses possibilities for independent national redistribution and risk sharing policy in EMU by reviewing literature on fiscal federalism. The currency union will not directly affect the national welfare policy. It might increase mobility of people and capital, which would tighten...

A withdrawal of a member state from the EMU due to market pressure has been a rather popular topic in the public debate in recent years. However, the effects of a withdrawal have been analysed quantitatively surprisingly little. Discussions have been concentrated on the crisis countries, but as...