This paper analyzes the impact of demographic aging on capital accumulation and welfare in economies with unfunded … the type of aging, i.e. declining fertility or increasing longevity, and the type of pension system, i.e. defined … contributions or defined benefits, are important in understanding this impact. Results show that when aging is driven by increasing …

first attempts to shed light on how demographic aging could shape this role. We show that, in the absence of retirement … share of total wealth in a given economy. Thus, aging is not likely to explain a recent surge in this share in some advanced … economies. Shrinking retirement annuities, however, could offset and potentially reverse these effects. We also show that aging …

This paper analyzes the impact of aging on capital accumulation and welfare in a country with a sizable unfunded social … shows that the type of aging, i.e. declining fertility or increasing longevity, and the type of unfunded social security … provides a refinement to common policy recommendations that favor eliminating mandatory early retirement regulations in aging …