In multiple-pillar retirement systems, the government provision of old-age income support plays a very different role from vehicles for encouraging private retirement savings - and for the government regulation and insurance of private savings. Despite the diversity of public and private...

Fiscal problems are prompting many developing nations to amend and sometimes restructure their national old-age programs. As they do, these countries seek guidance on how to design market and regulatory structures to enhance their chances of success. This paper investigates the types of risks...