The paper considers an unfunded linear pension system when workers make labor decisions more often than once in their life. To capture this feature, a three-period-overlapping-generations model is employed. On the one hand, the paper analyzes whether or not a Pay-as-you-go pension scheme is...

This paper provides some results from a model built in order to study the linked impacts of demography and economy on theFrench pension scheme. The demo-economic model which is used is a neo-cambridgian model with two types of agents in aclosed economy. Since it includes a very thin description...

We analyze the effects of increasing the retirement age in two economies with overlapping generations and within cohort ex ante heterogeneity. The first economy has a defined benefit system, and the second economy is in transition from a defined benefit to a defined contribution. We find that if...

This paper provides some results from a model built in order to study the linked impacts of demography and economy on the French pension scheme. The demo-economic model which is used is a neo-cambridgian model with two types of agents in a closed economy. Since it includes a very thin...

We propose a unified framework to measure the effects of different reforms of the pension system on retirement ages and macroeconomic indicators in the face of demographic change. A rich overlapping generations (OLG) model is built and endogenous retirement decisions are explicitly modeled...

What is the future of social security systems in OECD countries? In our view, the answer belongs to the realm of politics. We evaluate how political constraints shape the social security system in six countries - France, Germany, Italy, Spain, the UK and the US - under population aging. Two main...

When the challenges of population aging are being debated, the uncertain future of pension systems is a topic of high priority and large controversy. The aim of this chapter is not to provide a “consensus view” on social security and public insurance in aging populations but to put structure...

This paper gives a reassessment of the sustainability of the reformed Hungarian pension system with a special focus on whether the introduction of the fully funded pillar in 1998 has led to any improvement in the sustainability of the pension system. After a brief description of the 1997/1998...

The paper presents a non-exhaustive survey of the literature designed to explain emergence, size and political sustainability of pay-as-you-go pension systems. It proposes a simple framework of analysis (a small open two overlapping generation economy model), around which some variants are...

Options for reforming unfunded public pension schemes that are now being discussed all share the feature that the burden induced by demographic change would be shifted towards presently living and away from unborn generations. Existing models of the political economy of pension reform can not...