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 …

developing countries. This paper presents a theoretical model which integrates micro-level decision making about fertility and …

developing countries. This paper presents a theoretical model which integrates micro-level decision making about fertility and …