Making due allowances for differences in demographics, the labour market and internal migration dynamics, this study analyses the sustainability of the Italian pension balance at a regional level. A worsening of the elderly dependency ratio and a decline in birth and employment rates have...

Immigration has been popularised in the economics literature as a tool to balance the troubled PAYG pension systems. A pivotal research by Razin and Sadka showed that unskilled immigration can surmount the pension problem and, further, boost the general welfare in the host economy. However a...

Rapidly aging population in high-income countries has exerted additional pressure on the sustainability of public pension expenditure. We present a theoretical model of public pension expenditure under endogenous human capital, where the latter facilitates a substantial decrease in equilibrium...

This paper investigates the effect of labor immigration on public pensions when wage setting by a centralized trade union leads to unemployment. It is shown that immigration improves the financial soundness of pay-as-you-go pensions if and only if it diminishes total employment. This occurs if...

Different approaches to taxing public pensions and to social security contributions can be explained by differences in emphasis on various social models in different countries and by inconsistencies in the implementation of social and fiscal reforms. The concept of funding of public health care...

This paper reviews the recent development of the funded pension system in the Russian Federation and considers it role in the context of the overall retirement income system. By describing current OECD practices and policy recommendations and comparing them with the current Russian pension...

Successive reforms enacted since the 1990s have dramatically changed Europe’s pensions landscape. This paper tries to assess the impact of recent reforms on the ability of systems to alleviate poverty and maintain living standards, using estimates of pension wealth for a number of hypothetical...

Rapidly aging population in high-income countries has exerted additional pressure on the sustainability of public pension expenditure. We present a formal model of public pension expenditure under endogenous human capital, where the latter facilitates a substantial decrease in equilibrium...

James E. Pesando looks at the 1998 package of reforms to the Canada Pension Plan (CPP) that the federal government and the provinces implemented after extensive consultation. Most significantly, these reforms included: a sharp increase in the combined employer-employee contribution rate, from...

The article presents a method for calculating the cross-section internal rate of return on contributions to pension systems financed according to the pay-as-you-go principle. The method entails a procedure for valuing the contribution flow of pay-as-you-go financing, and identifies the complete...