Financing consumption of the elderly in the face of the projected increase in life expectancy is a key challenge for economic policy. Moreover, standard structural models with fully rational agents suggest that about 50-60 percent of old-age consumption is financed with voluntary savings, even...

Throughout its history, Romania has gone through many crises in many sectors of the society. The premise, for the present situation, is that the reaction to a total crisis arising from a health problem, is being investigated. The consequences for the economy are still for analysis, but from now...

China?s pension system is in need of comprehensive reform in that it is fragmented in its coverage and significantly under-funded. Attempts to improve the coverage will likely exacerbate the financial strains. Thus it is urgent to improve the financial sustainability of the system and one policy...

This paper analyzes behavioral responses to a reform in the German public pension system that allowed individuals with a long contribution history to retire without deductions before reaching the regular retirement age. Following the 2014 reform, individuals with 45 contribution years could...

We estimate the labor force participation (LFP) response to the introduction of means-tested minimum pensions in the UK through the Old-Age Pension Act (OAP) of 1908. The OAP was a major social policy intervention and the first one to universally target older workers in a time of very limited...

Providing a decent living standard and preventing old-age poverty are the two major challenges of pension insurance schemes. Replacement rates below the poverty line despite many years of contribution represent a major challenge for public pension schemes with respect to the systems "raison...

Differences in life expectancy between high and low socioeconomic groups are often large and have widened recently in many countries. Such longevity gaps affect the actuarial fairness and progressivity of public pension systems. However, behavioral responses to longevity and policy complicate...