retirement age to 65 for both genders has a strong positive effect on sustainability of the pension system and keeps the deficit …

interests of the different groups are only partly coinciding. For a given demography and interest rate, the joint result of the … in the capital market with a corresponding equilibrium interest rate. In this paper we assume a demography with one … hundred age brackets and we investigate how changes in the birth rates, survival rates, and the retirement age affect the …

interests of the different groups are only partly coinciding. For a given demography and interest rate, the joint result of the … in the capital market with a corresponding equilibrium interest rate. In this paper we assume a demography with one … hundred age brackets and we investigate how changes in the birth rates, survival rates, and the retirement age affect the …

social security is decided upon by the median voter. For a given demography and interest rate the joint result of those … interest rate. In this paper we assume a demography with hundred age brackets and we investigate how changes in the birth and … security in particular is determined by the demography and cannot be used as long-term political instrument. We find that this …