An important policy discussion is ongoing in Denmark and Sweden on joining the Euro-pean Union's banking union. Joining would bring pros and cons. A major issue is the supervi-sion and resolution at the national level of large banks with a Scandinavian footprint. It is not evident that Denmark...

While macroprudential policy has mostly focused on the role of banks, we argue that pension funds are also important for financial stability. Drawing on previous research on pension funds, we explain how their actions can have a vital impact on other financial institutions as well as on...

This paper analyses the effects of cuts in the marginal tax rates on income from labour and capital on the macroeconomy and on the intergenerational distribution of welfare in a small open economy. For this purpose we set up a computable general equilibrium model incorporating overlapping...

The study identifies three groups of problems in the Lithuanian pension environment: fiscal problems, poverty of retired people, and problems related to working and saving incentives. The future of the current pension system is suspect, as the population share of the elderly is increasing and...

According to the 2018 Mercer Global Pension index, the pension systems of Denmark, Finland and the Netherlands are the best three in the world. This paper seeks to identify the common elements of success of these three pension systems, including the institutional framework within which they...

We find that segments of society who have shorter life expectancy can expect a lower retirement income and lifetime utility due to the longevity of other groups participating in the same pension scheme. Linking retirement age to average life expectancy magnifies the negative effect on the...

Over the last 25 years the Danish economy has had difficulties in growing as fast as other EU countries and the United States. While the average growth difference is small, it signals that if this trend persists into the next century, Denmark will not be able to maintain its high position in the...

This paper focuses on the development of the funded, occupational pension (OP) system in Denmark. Launched in 1987, as a grand agreement between social partners backed by the government, and as part of the collective wage bargaining process, the Danish OP system differs from the set-up in most...

This paper uses data taken from the tax returns of all Icelandic taxpayers in 2005-2019, a period that saw large changes in disposable income around the country's financial crisis in 2008, to plot the life-cycle path of consumption and income for different education groups and to estimate the...

Recently, mandatory pension contributions in the private sector in Iceland were increased substantially while remaining unchanged in the public sector. This constituted a large natural experiment. We study the effects of this experiment on households' voluntary saving using administrative micro...