Household saving is still little understood, and even the basic facts – for instance: How does saving change over the life cycle? Does saving turn negative in old age? – are controversial. Understanding saving behavior is not only an important question of economic theory because the division...

We present a quantitative analysis of international capital flows induced by differ-ential population aging and pension reform. It is well known that within each country, demo-graphic change alters the time path of aggregate savings. This process may be amplified if pension reform shifts old-age...

Today’s discussion about the growing ‘burden of ageing’ must not neglect the substantial productive potential of the elderly population. Using micro-data from the new ‘Survey of Health, Ageing and Retirement in Europe’ (SHARE), we explore cross-national patterns of volunteering and the...

Three issues dominate the public policy debate over savings in Continental Europe. First, can private savings substitute for public pensions in the provision of retirement income, given that the current gen-erosity of pay-as-you-go financed pensions is hardly sustainable in the light of...

Population aging is just beginning to hit the industrialized countries in full force, and it will have a tremendous impact on capital markets. Capital market effects of population aging are particularly strong in continental European economies such as Germany, with their large pay-as-you- go...

With the adoption of the latest German pension reform in spring 2004 a public debate arose on whether rates of return for future pensioner cohorts were hreatened to become negative as a result of the new reform. In order to make the system sustainable, the reform had restricted future rises in...

The relationship between a woman’s reproductive history and her entry into retirement is not well- investigated yet. Will mothers exit the workforce earlier than childless women (as they have a weaker labour market orientation; as they are more likely to have a ‘male breadwinner’ in the...

Diese Arbeit untersucht die zum Teil erstaunlich hohen MortalitÄatsun- terschiede in Baden-WÄurttemberg. ZunÄachst wird die MÄoglichkeit aus- geschlossen, dass diese allein auf Zufallsschwankungen oder Fehlern im Meldewesen beruhen. Es schlie¼en sich einige methodische ÄUberlegungen an,...

We analyze nonresponse to questions on financial items such as income and asset holdings in household surveys using data from a controlled field experiment. As part of the SAVE study, a representative survey conducted in Germany in 2001, questions on household income and financial assets were...