In an overlapping generations economy with incomplete insurance markets, the introduction of an employment fund-akin to the one introduced in Austria in 2003, also known as 'Austrian backpack'-can enhance production efficiency and social welfare. It complements the two classical systems of...

The social security system in Spain has steadily expanded since the late 1970s. Currently, social security expenditure exceeds 15 percent of GDP, being a factor of fiscal imbalance. This paper reviews achievements and the current situation of the social security system, discusses changes in the...

The activity rate of mature men has increased in Uruguay in recent decades. This trend is remarkably different from what has been observed in most developed and Latin American countries. We analyze in this paper the incentives to retire implicit in the main social security program of Uruguay. We...

It is well known that German and Spanish labour markets are quite different from a macro point of view. In this paper, we look at these markets through the lenses of individual unstable spells. These include all forms of atypical employment (such as temporary contracts and mini-jobs) as well as...