pensions and on a particular type of unfunded (PAYG) pension. Surprisingly little is known about the optimal split between … state the importance of PAYG pensions differs. We estimate how the optimal level of unfunded, state pensions depends on rate …

Building on the evolving literature on the topic, this paper reviews the relationship between demographics and long … countries differ in their population growth and mortality risk. Besides exploring the implications of demographics for saving …

literature. Going further, we simulate global savings behavior based on our framework and find that China’s demographics should …

This paper studies the effects of health shocks on the demand for health insurance and annuities, precautionary saving …

expectancy, because it directly infuences the expected rate of return. We examine the market for private annuities in Germany and …