Replacing a pay-as-you-go pension system with a fully funded scheme could eliminate the incentives (under the pay-as-you-go system) to informalize production and employment. Simulations of an endogenous-growth model suggest that long-term growth could increase substantially by such a reform....

The authors review the qualitative macroeconomic and welfare implications of replacing a pay-as-you-go pension system with a fully funded scheme. They summarize the typically small effects found in the simulations literature, based on exogenous-growth one-sector models. Much larger, and...

This study uses time-series of household data from eleven developing countries to test several hypotheses about saving behavior. Besides just widening the scope of information being used to test the hypotheses, the data set in this study has the advantage of a consistent definition across...

Although most studies have relied on domestic or private sector saving data, this article uses household data available from the U.N. System of National Accounts for a sample of 10 countries. Household saving functions are estimated.using combined time-series and cross-country observations in...