The scope of the supplementary pension funds is to provide workers with a satisfactory standard of living at retirement. An efficient and affordable system of pension funds is therefore an important factor to realize the workers’ aims of maximizing the value of their pension wealth. A...

In firms subject to tariff regulations, the authorities have developed “regulatory” accounting methods, to identify accepted costs and possible supernormal lrates of return. These methods are also useful in industries free from price regulation, because information about the economic rate of...

In this paper, the authors look at trends in social security reform activity in all of the Nordic countries with the exception of Iceland. They shall first briefly compare the status of the welfare state around 1990 with that of 1997; to be followed by an account of the economic and political...

The paper considers an unfunded linear pension system when workers make labor decisions more often than once in their life. To capture this feature, a three-period-overlapping-generations model is employed. On the one hand, the paper analyzes whether or not a Pay-as-you-go pension scheme is...

This paper presents a brief history of pension reform in Chile, and the reasons behind the introduction of individual privately-managed accounts in 1981, as well as the adjustments to the system introduced in 2006-07. The main conclusions are that the system is sound, but the reinforcement of...

This paper breaks down the contingent liability of a mandatory pension system into two components: the implicit pension debt and the pay-as-you-go asset. It then estimates these two components for 12 pension schemes across six MENA countries and presents international comparisons. The results...

This paper breaks down the contingent liability of a mandatory pension system into two components: the implicit pension debt and the pay-as-you-go asset. It then estimates these two components for 12 pension schemes across six MENA countries and presents international comparisons. The results...

This paper discusses the efficiency of a pay-as-you-go pension reform by introducing a child benefit in an endogenous fertility setting. In the model of a small open economy, higher fertility is associated with a reduction of lifetime labor supply. The optimum share of fertility-related pensions...