The following study analyzes the impact of demographic developments in Austria on the long-term average real interest rate, funded pension provision and the implications of demographic developments for the stability of the financial system. The key results of this study are twofold: (1)...

Recent years see intense reforming of funded pensions sub-system in Poland. Actually, what are policy objectives like at which change in design introduced in 2013 (mandatory funding) and projected in 2014 (voluntary funding) is oriented? The article briefly reports what was contemporary...

The technical note on Mexico’s Financial Sector Assessment Program update analyzes that the private pension system’s regulator in Mexico has introduced innovate rules. Mexico, as with many other countries in Latin America, has adopted an individual capitalization pension system....

This Selected Issues paper for the Russian Federation discusses existing empirical efforts to measure the determinants of cross-country financial integration. Empirical studies that have adopted the gravity-model framework have found that it is generally successful in explaining bilateral...

This paper presents a unified analytical framework for the analysis of social security reform. It discusses reform along two dimensions: Pay-As-You-Go versus fully funded on the one hand, and actuarial versus non-actuarial on the other. Making the system more actuarial entails a trade-off...

This paper reviews economic developments in Slovenia during 1990–96. Slovenia experienced its first positive real GDP growth in 1993. Real GDP grew by 1.3 percent. This modest recovery began under the impetus of buoyant domestic demand, which grew by 8¼ percent; real foreign demand...

The paper considers the issue of whether a supranational fiscal policy in Europe is needed, and, if so, what responsibilities it should undertake. The literature on endogenous growth and the principle of subsidiarity suggest that such a policy should be limited to externalities or economies of...

This note reflects macroeconomic and fiscal forecasts presented with the April 2009 World Economic Outlook, as well as information on fiscal stimulus and financial and industrial sector support gathered through mid-May. It follows the request by G-20 leaders for the Fund to assess regularly the...