The aim of this work is twofold: on the one hand, to demonstrate the utility of the actuarial balance as an element of transparency, an indicator of the solvency, sustainability and financial solidity of the pay-as-you-go system and a tool capable of providing positive incentives to improve the...

In this paper, I analyze consumption, aggregate savings,output and welfare implications of ?ve di¤erent social security arragements whenever there is demographic uncertanity. Following Bohn(2002), I analyze the e¤ect of an uncetain population growth in an extended version of a modi?ed...

The transformation of the public pensions system in Chile has served as a model for later reforms carried out in other Latin American countries, and has attracted the attention of a number of researchers. The aim of this paper is to make a (provisional) technical analysis of the workings of...

There are two aims to this paper: firstly, to provide an objective technical assessment of the current situation of the contributory pension system in Spain and its prospects for the future, and secondly, to look at the issues surrounding the introduction of a system of notional defined...

Feldstein [1985] posed the questions of what would be the optimal level of retirement benefit, and what would be the optimal mix between the pay-as-you-go system and the funded pension system under the assumption of an exogenous interest rate. We reconsider the problem with the addition of a...

In this paper we model an OLG-economy where labour supply is endogenously determined and where we assume that there are two pension systems, namely, a pay-as-you-go system and a funded system. The main question is whether there is an equilibrium involving an old-age pensions system, partly...

The aim of this paper is twofold: to determine the connection between the “contribution asset” and the “hidden asset” and to discover whether using either of them to compile the actuarial balance in Swedish-type pay-as-you-go pension systems will provide a reliable solvency indicator. We...

This paper investigates public pension funding using a dynamic general equilibrium macroeconomic model (DSGE) that facilitates investigation of distortionary effects of fiscal and pension policy responses to ageing. The model is calibrated to the Finnish economy, which will encounter substantial...