The EU and the U.S. confront distinct factor market dynamics and common policy challenges. Labor market developments and long-term changes in capital markets and capital flows represent key problems in aging societies. The analyses presented here compare the European and U.S. patterns in this...

In view of the demographic changes in Hong Kong and the associated increase in demand for long-term assets for retirement planning, this report explores the opportunities and developments in Hong Kong’s long-term asset markets. It investigates the growth in demand for long-term assets due to...

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...

Interest in longevity and longevity risk management is burgeoning, as government and regulatory agencies are increasingly conscious of the potential risks and benefits of longer lifespans. Commercial and industrial organizations, especially within the financial sector, are awakening to the...

We study asset-pricing implications of innovation in a general-equilibrium overlapping generations economy. Innovation increases the competitive pressure on existing firms and workers, reducing the profits of existing firms and eroding the human capital of older workers. Due to the lack of...