This paper uses stochastic simulations on calibrated models to assess the steady state impact of different pension arrangements in an environment where financial markets are less than perfect. Surprisingly little is known about the optimal split between funded and unfunded systems when there are...

Diversifying Germany's bilateral partnerships in the Indo-Pacific is one of the central goals of German policy. On the one hand, this diversification aims to reduce economic dependence on China, and on the other - in the context of systemic rivalry with authoritarian states - to bring about...