Population aging imposes a challenge for the public pension systems in many developed countries. The solvency of the pension system requires a broad set of policy measures. The paper addresses the following question: What are the macroeconomic consequences of increasing the social security...

PART I: INTRODUCTION -- Ch. 1. The National Pension Systems and Financial Consumers: An international comparative perspective on the key linkages -- PART II: COUNTRY CHAPTERS Countries with pension systems at a mature stage -- Ch. 2 - Retirement Income Security in the United States:An Overview...

Recently, policy debate and comparative research on old-age pensions have focused on the financial sustainability of pension systems in the face of demographic change. This study, however, also takes into account distributional effects involved in pension system structures. Theoretical,...

Using an overlapping generations model, two new indicators of public pension system sustainability are proposed: the pension space, which measures the capacity to pay for pension expenditures out of labour taxation, and the pension space exhaustion probability reflecting demographic...