At the request of the Laeken European Council, Portugal has prepared a National Strategy Report on its pension system, in view of objectives like adequacy, financial sustainability, and modernisation. This paper documents the official longterm projections of social security revenues and...

Notwithstanding the recent reforms, there is a consensus amongst international organizations that in Portugal both Social Security and the civil servants' pension scheme (the CGA) continue to be financially unsustainable over the long term. This paper focuses on Social Security (the private...

This paper simulates a transition from the current pay-as-you-go Social Security system to a prefunded system based on Personal Retirement Accounts (PRAs). Annual PRA contributions of 2 percent of taxable payroll earning the historical return on the corporate sector are sufficient to close the...

We seek to analyze a number of important issues related to the ownership of government pensions, and the switch from pay-as-you-go defined-benefit pensions to fully-funded defined-contribution pensions. Social Security will still need to find ways to cover its unfunded liabilities to past and...

In this paper, we assess the demographic and economic consequences of migrations in Europe and neighbourhood countries. In order to do so, we rely on a multi-region world overlapping generations model (INGENUE2). The rich modeling framework of this multi-regions model allows us to put into...

Remittances from overseas can encourage human capital investment and improve educational outcomes in developing countries. Empirical studies, however, have shown mixed evidence at best. This paper uses a 5-year panel dataset that tracks the same 3,000 households and 8,000 individuals through...

The relative importance of migrant workers has been increasing in the world economy. Conscious of their growing numbers, the migrant-receiving and migrant sending countries have agreed to grant social security benefits to migrant workers and their families. To this end they have ratified or...

This study examines how rising interprovincial migration with diverse education backgrounds affects new human capital formation in China in the 1990s. Consistently with a simple model of migration-oriented investment and disinvestment in higher education, we identify that gross outflow migration...

The purpose of this paper is to explore the impacts of changes in migration flows—in particular, those resulting from possible migration policy changes after a UK exit (‘Brexit’) from the European Union (EU)—on the finances of the UK state pension system. We find that the aggregate...