During the next decades the populations of most developed countries will grow older as a result of the low level of birth rates since the 1970s and/or the continuously increasing life expectancy. We show within a Generational Accounting framework how unsustainable the public finances of France,...

Presuming an ageing population, every introduction of a pay-as-you-go scheme causes intergenerational redistribution in favor of the first generations and to the burden of young and future generations. Using the concept of internal rates ofreturn we want to examine the extent to which the first...

In this paper we analyze exemplarily the volatility of the internal rates of return of the German pension system over the life-cycle of an individual born in 1957. The outcome is compared to an alternative defined-contribution or defined-benefit policy. Based on the actual data, our resultsshow...