I study the history and performance of commercial real estate (CRE) in the pension fund portfolio, showing how many plan sponsors fundamentally changed their approach to CRE investment once underfunding gaps began to emerge in the early and middle 2000s. Several new empirical facts are...

The social security system is the main and most important social protection system. It typically covers all citizens of the Republic of Moldova, paying social security contributions and benefits. In addition, the instrument of accumulation and redistribution of financial resources is the State...

Immigration has been popularised in the economics literature as a tool to balance the troubled PAYG pension systems. A pivotal research by Razin and Sadka showed that unskilled immigration can surmount the pension problem and, further, boost the general welfare in the host economy. However a...

This paper analyses the potential effects of the open method of co-ordination on pension reforms in the European Union from an economic point of view. The main results are: (1) For the first time, the Commission formally participates in the input of pension policy-formation of the member states,...

The research project WWWforEurope undertakes to lie the theoretical and empirical foundations for the embarkment on a new socio-ecological growth path in Europe. The new path underlines the need to guarantee Welfare as a broad universal principle for its population, assuring economic and social...

The reform of old age insurance is one of the pressing problems of Swiss Society. A key policy issue in the ongoing debate is flexibility to better suit the different individual needs of pensioners. This paper argues that more flexible retirement options can have strong impacts on both the...

The long run welfare implications of the legal retirement age are studied in a perfect foresight overlapping-generations model where agents live for two periods. Agents’ lifetime is divided between working life and retirement by a legal retirement age controlled by the government whereas...

A new born child has on average a three months longer life expectancy than a newborn of the previous year. Consequences of these gains in life expectancy are-in the case of a constant statutory retirement age-increasing pay-out-periods in the PAYGS. The retirement age of 67 tries to cover the...

All across the world, pension systems are undergoing considerable change. Public pension systems have been reformed and parts of the formerly public social provision have been shifted to market based provisions. The normative pretensions of European welfare states, however, remain unchanged...

The current study assesses the effects of immigration control on the welfare of the current and future population of a host economy. A theoretical model of a small open economy populated with overlapping generations of heterogeneous agents is used to show that skillfavouring immigration policies...