Introduction -- Part I -- Pay-as-you-go Versus Funded Pension Plans: Which Way to Better Address Common Challenges in the EU? -- Old-Age Pension Systems: Characterization and Comparability -- What’s New in the Debate About Pay-as-you-go Versus Funded Pensions? -- The Role of the Government in...

This paper analyses whether the severe demographic change in Germany causes its high current account surpluses. An ageing population both increases the supply and lowers demand of capital in an economy. Due to a longer life span individuals save more. Fewer workers reduce the optimal capital...

Due to the accelerating demographic change of the population the reform of the existing pension systems constitutes one of the greatest political challenges in most European countries. A theoretical discussion of different pension reforms must incorporate not only the demographic aspect but also...