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This paper studies the effect of demographic change on national saving, global interest rates, and international capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations model to illustrate the channels through which demographic...
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In this paper, we analyse the effects of demographic change on a PAYG pension system, financed with a defined contribution scheme. In particular we examine the relationship between retirement, fertility and pensions in a three-period overlapping generations model. We focus on both the case of...
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Developing countries are increasingly aware of the need to design and implement improvements in public systems for providing pensions to the elderly. Such systems may aim to smooth consumption and thus provide reliable income to older people, reduce poverty among the elderly, insure those no...
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We analyze the impact of population aging on Japan's household saving rate and on its public pension system and the …'s population can explain the level of, and past and future trends in, its household saving rate; second, the rapid aging of Japan …-as-you-go nature of the public pension system, combined with rapid population aging, created considerable intergenerational inequities …
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This paper analyzes the impact of aging on capital accumulation and welfare in a country with a sizable unfunded social … shows that the type of aging, i.e. declining fertility or increasing longevity, and the type of unfunded social security … provides a refinement to common policy recommendations that favor eliminating mandatory early retirement regulations in aging …
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The gains in life expectancy are expected to double the dependency ratio and increase population by 10% in Switzerland until 2050. To quantify the effects on pensions, taxes and social contributions, we use an overlapping generations model with five margins of labor supply: labor market...
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