Is the integration of occupational pension regulations across the Canadian provinces feasible? In this paper, we assess the proposal for harmonization made by the Canadian Association of Pension Supervisory Authorities (CAPSA) by comparing it to the EU’s successful integration of member...

This paper seeks to contribute to a forward-looking debate on possible reform options for the Canada Pension Plan (CPP) and the Quebec Pension Plan (QPP). Even though it focuses on the CPP, most of its analysis applies to the QPP as well since the two programs are largely identical. This paper...

By all measures the private pension system in Canada is in difficulty. One estimate suggests that at the end of 2005 there were significant funding shortfalls in about three quarters of the traditional defined benefit pension plans that fall under federal jurisdiction in Canada. In order to...

This article argues that welfare state restructuring, which is highly unpopular among voters, is politically feasible if government and opposition parties collude informally with each other. Contrary to key arguments made in the literature, restructuring does not require the formation of a...

This article argues that an increase of the retirement age from 65 years to 67 or higher, which is the most unpopular pension reform measure, is politically feasible if the major parties build either a formal or an informal grand coalition. It argues further that institutional rules and agreed...

Is the integration of occupational pension policies across the Canadian provinces feasible? In this paper, we assess the proposal for harmonization made by the Canadian Association of Pension Supervisory Authorities (CAPSA) by comparing it to the European Union's successful integration of member...

This paper studies competition among multiple sellers in frictional markets. Ex-post equilibrium is tractable in terms of market information revelation. Applying the sufficient condition for equilibrium robustness (with respect to a seller's deviation to any arbitrary selling mechanism) to...

In this study, we measure the effects of debt dilution on sovereign default risk and consider debt covenants that could mitigate these effects. First, we calibrate a baseline model of defaultable debt (in which debt can be diluted) with endogenous debt duration, using data from Spain. Secondly,...