Exploring the economic consequences of demographic changes is often carried out within simple accounting frameworks. Such approaches consist of projecting the impact of ageing on social security expenditures under exogenous assumptions about economic growth, productivity, wages and employment....

This paper presents a summary of the U.S. pension system. First, our goal is to explain how unfunded and funded pension schemes work. We also study how the economic and financial crisis has affected these different schemes. Moreover, we examine the official long-run forecasts of the evolution of...

The aim of this paper is to build and estimate a macroeconomic model of credit risk for the French manufacturing sector. This model is based on Wilson's CreditPortfolioView model (1997a, 1997b); it enables us to simulate loss distributions for a credit portfolio for several macroeconomic...

In addition to the pensions delivered by the mandatory social security system, different schemes offer in France the option to purchase private life annuities. These individual annuities are provided by numerous and heterogeneous institutions that rely on more or less rigorous prudential rules...

Mens and womens pensions and retirement ages remain very different, even if this gap has been closing (slowly) for the most recent generations. This work analyses possible developments till 2040. We first study the impact on future pension entitlements and on disparities between genders of the...

The microsimulation model Destinie developed at INSEE is a privileged tool to assess the effect of pension schemes reforms since it projects the evolution of a representative sample of the French population up to 2040. Up to now, the model was exclusively devoted to the projection of pensions...

The French pension reforms of 1993 and 2003 aimed at moderating futures increases of the pension burden for the population of working age and for public finances. Such a moderation cannot be obtained without any hardening of retirement conditions. At the individual level, the incidence of such...

This paper shows that, beyond the institutional stability of Social Security, changes in the private sector as well as the emergence of a new financial paradigm have transformed both the U.S. pension system and the political debate about its future. Although no major reform of Social Security...