This paper explores the consequences of pension reforms in Western Europe in a world economy setting. Whereas various economic and social consequences of ageing have been investigated in OECD countries, very few analyses have explicitly taken the worldwide aspect of the problem into account. In...

Population aging challenges pay-as-you-go pension systems. Solving the associated funding problem constantly motivates reform processes. In addition to an aging population, specific regulations of the German public pension system lead to an increasing financial burden of national finances. To...

Martin Stuart (“Marty”) Feldstein, currently George F. Baker Professor of Economics at Harvard University and President Emeritus of the National Bureau of Economic Research, Inc. (NBER), is a renowned American economist who has made important contributions to public finance, macroeconomics,...

The amount of implicit debt is quantified in relation to the contributive regime that supports the old age pension scheme of the Portuguese Social Security and the notional defined contribution accounts system concept as a solution of financial sustainability of that regime is presented, without...

We estimate the long-term impact of social security and social protection spending in a set of twelve EU countries. We estimate country-specific VARs relating GDP, unemployment, savings, and social spending. We find that social spending has a negative effect in most countries while the effects...

This study presents an overlapping-generations model with altruism towards children. We characterize a Markov-perfect political equilibrium of voting over two policy issues, public education for the young and social security for the old. The model potentially generates two types of political...

This paper develops an overlapping-generations model with altruism towards children. The paper characterizes a Markov perfect political equilibrium of voting over two policy issues, public education for the young and social security for the old. The model potentially generates two types of...

Türkiye’de yurtiçi tasarruf oranı son yıllarda belirgin bir düşüş göstermiştir. Söz konusu düşüş tasarruf-yatırım açığının büyümesinde dolayısıyla yüksek cari işlemler açığının ortaya çıkmasında etkili olmaktadır. Bu çerçevede, hanehalkı tasarruflarını...

Protection of unemployed workers constituted a subject of concern in the Uruguayan politic agenda already in the early 20th century. The problem was tried to be solved basically through three instruments: retirement by dismissal (“jubilación por despido”) and unemployment insurance,...

The paper is based on the results of an IECON´s research requested by the Ministry of Industry, Energy and Mining, which analyzes the situation and prospects of the Law on Industrial Parks in Uruguay. This involved fieldwork and interviews with different actors related to public authorities...