In most member states of the European Union (EU), issues concerning sound and sustainable finances are high on the political agenda. This paper briefly reports the findings of 12 country studies that investigate the impact of the demographic transition on the intergenerational stance of current...

Auerbach et al. (1995), document the dramatic postwar increase in the annuitization of the resources of America's elderly. Gokhale et al. (1996) suggest that greater annuitization may explain the significant postwar rise in the consumption propensity of the elderly out of remaining lifetime...