Prefunding of pension commitments in OECD economies is increasingly seen as a central strategy to cope with the aging of their populations. This paper argues that investments in emerging markets can help at the margin but are unable to solve the demographic problem. While these investments bring...

The past decade has brought broad recognition of the importance of pension systems to the economic stability of nations and the security of their aging populations. As countries around the world grapple with the long-term affordability of their pensions systems, there are also growing...