How will the world-wide decline in real interest rates associated with global aging affect small open economies (SOEs) with aging populations? Lower interest rates will result in higher capital-labor ratios and increased wages; higher wages, in turn, will be passed on to pension benefits,...

During the transition process, many existing social sector institutions and policies were significantly eroded and their underlying character changed. As a result, they often do not redistribute to the poorest, nor generally serve the role of facilitating economic change. Social sector reforms...

This paper simulates the macroeconomic effects of population aging in a dynamic overlapping generations model of a small open economy. The model is calibrated to data for the Czech Republic, where population aging is proceeding at a pace comparable to that in other advanced countries in Europe....

This paper studies the financial sustainability of the Albanian pension fund and assesses possible options for its reform. The paper concludes that the pension fund is not sustainable in its current form and proposes for the urban scheme a combination of parametric changes to the existing...

The "baby boom" that followed World War II, and the subsequent "baby bust", have cast a long shadow over the Canadian population, society, and economy. Drawing on a series of counterfactual projections, this paper considers what the year 2001 would have looked like if things had been different...

The "baby boom" that followed World War II, and the subsequent "baby bust", have cast a long shadow over the Canadian population, society, and economy. Drawing on a series of counterfactual projections, this paper considers what the year 2001 would have looked like if things had been different...

What goes steady with private savings? This paper investigates reasons for the sustained growth in private savings in Indonesia since 1970, in a period characterized by economic growth, demographic changes, terms of trade movements, and financial liberalization. The main finding is that...

Population ageing is a global phenomenon with long-term consequences on the economic development. Population is ageing as a result of two trends: people are living longer than they used to and are healthier and secondly the fertility rate has constantly decreased not only in the developed...

The objective of this study is to examine briefly the features of the European social model and to present the main demographic evolutions. The social model is sustainable as long as there is a virtuous correlation between the objectives settled in the Lisbon Strategy: productivity –...

Conventional growth theories in the literature explain the poor economic performance of African economies by stressing the inadequacy of savings, human capital, and poor institutional quality. However, the key question is how to enhance savings for the accumulation of both physical and human...