Most European Union countries are facing with major problems regarding their public pension systems. Romania has large difficulties in its public pension system, of which we consider the most important is the large number of beneficiaries and the small number of contributors, that determine a...

Fertility has long been declining in industrialised countries and the existence of public pension systems is considered as one of the causes. This paper is the first to provide detailed evidence based on historical data on the mechanism by which a public pension system depresses fertility. Our...