This paper analyzes the impact of demographic aging on capital accumulation and welfare in economies with unfunded pensions. Using a two-period overlapping generation model with potentially endogenous retirement decisions, it shows that both the type of aging, i.e. declining fertility or...

This policy paper presents key findings and suggestions on Malaysia's old-age financial protection system within the context of the country's broader social security framework. The trademark policy approach focusing on job creation instead of expanding social security programs served the country...