In the last century, most countries have experienced both an increase in pension spending and a decline in fertility. We argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility decisions. Since children have traditionally represented...

Why is social security a demographic, political and labor problem? What are the crucial links among these elements? Is there any direct impact of demography on the retirement choice? Are future old people expecting to work longer? What impact do we expect from the ageing of the population on the...

Why are social security transfers associated with retirement rules? This paper focuses on the political interactions between retirement and social security. Using a probabilistic voting approach, it analyzes why old people are induced to retire in order to receive pension transfers from the...