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...

This short comment provides an assessment on the impact of changing the rules of social security contributions by employers, namely raising the tax base to include not only wages but also value added or capital investments.

Since the early 90's, the Federal Planning Bureau assesses the sustainability of pensions in Belgium. Since a couple of years, it uses a dynamic microsimulation model, MIDAS_BE, to assess the development of the adequacy of pensions. This working paper illustrates the possibilities generated by...

Social security systems are often treated according to their epistemology. The bismarckian and beverdgian systems could be the origin of all social protection systems. The firs was created by Bismark at 1883 in Germany, it was based on the insurance principal. The beverigian system was...

This paper is interested in the question of the social pensions. In Morocco a big part of the elderly in Morocco perceives no pension and no transfer of any form. To solve the problem of the poverty of the elderly persons passes by the implementation of a social pension. This article is...

The objective of this article is to estimate the effects of the population aging on the financial viability of the pension system and the macroeconomic evolution in a general way. To do it, we built a computational OLG model. The results show that the current ageing and which will accelerate in...

Canada’s current system of fiscal federalism, which results in very large transfers of resources from have provinces to have-not provinces, promotes consumption over investment and hence does not maximize our productivity potential. The author recommends reform of Employment Insurance towards...

The main consequence of globalization is to accelerate the process of concentrating the wealth all around the world. Nevertheless, it did not contribute to solve the contradictions of capitalism which is not able to boost a long-time accumulation. Therefore, there are tremendous pressures to...

In this paper, we analyze the demographic and economic consequences of endogenous migrations flows over the coming decades in a multi-regions overlapping generations general equilibrium model (INGENUE 2) in which the world is divided in ten regions. Our analysis offers a global perspective on...