Using a stochastic general equilibrium model with overlapping generations, this paper studies (i) the effects on both extensive and intensive labor supply responses to changes in fertility rates, and (ii) the potential of a retirement reform to mitigate the effects of fertility changes on labor...

This chapter introduces the main issues associated with population aging, many of which will be investigated in detail throughout the volume. The next section describes the demographic transformation that Brazil has been experiencing and highlights its specific features, including a very rapid...

In an international context, this paper analyzes the main drivers of Brazil's bank spreads measured by the net interest margin, by estimating internationally comparable measures for (i) institutional and regulatory (micro-) factors; (ii) macro-economic factors; and (iii) banking competition...

Large oil reserves off the coast of Brazil may substantially increase the country’s oil revenue in the future. A natural resource"curse"could be the consequence if an appropriate share of the oil revenue is not invested. This issue is addressed in this paper for Brazil both theoretically and...

This paper analyzes the macroeconomic implications of population aging in Brazil. Three alternative yet complementary methodologies are adopted, and depending on policy responses to the fiscal implications of aging, there are two main findings: First, saving rates could increase and not...

This paper develops a link between four central components of the demographic transition: survival rates; fertility decisions; altruistic intergenerational transfers from workers toward their parents; and economic growth. An increase in child survival is found to reduce the fertility rate and...

Based on generational accounts and a simple welfare calculus, this paper studies two alternative scenarios of sustainable fiscal policy in Denmark. A strategy of tax smoothing is found to provide a fairly even intergenerational distribution of the financial burden associated with population...

The outbreak of the financial crisis in 2008 has had significant effects on economic activity, unemployment, and public finances for all European countries. However, European economies do not form a homogenous region, and any serious analysis of macroeconomic imbalances in Europe must account...

This paper studies the effects on tax revenues and welfare expenditures in Denmark caused by changes in age and household structures over the years 1982-2007. During that period, there has been a minor fall in the old-age dependency ratio, and a major increase in the number of people living...