Economists have long argued that introducing social insurance will reduce fertility. The hypothesis relies on standard … fertility overall only via its effects on the incentive to marry. The old age insurance by itself tended to reduce marriages … social insurance, the two effects cancelled each other and the aggregate effect on fertility was muted. …

Higher fertility slowly increases the workers-to-retirees ratio over the long run, which can ease the pension financing …-productivity profiles and pension systems can explain the exception. Fertility-promoting policies will always ease the public finance …

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 … children, thus relaxing financial (saving) constraints and reducing fertility. We build a simple two-period OLG model to show …