there may be no affect on investment in other asset classes. Finally, a model of self-selection based on underlying savings … contribute to retirement savings, (b) invested less when they did contribute, and (c) favored investment in short … theory suggests compensation by increased investment in other asset classes. Behavioral “mental accounting” suggests that …

capital flows, focusing on the role of the public pension system. We develop a small open economy overlapping generations … model to illustrate the channels through which demographic variables and pension system generosity interact to affect both … demographic change and pension reform. We find that the generosity of the pension system plays an important role in determining …

– and a growing pension gap, both of which call for resolute action. Crucially, at a time when low interest rates and … revised prudential standards strain the ability of life insurers and pension funds to offer guaranteed returns, Europe lacks a … framework ensuring the quality and accessibility of long-term investment solutions for small retail investors and defined …