In this article we formulate and solve the optimal design problem of a defined contribution public pension fund, in a highly stylized but still rather general non stationary framework. We adopt the viewpoint of a benevolent social planner who aims at treating in a fair manner the successive...

The present study focuses on certain problems of pay-as-you-go pension systems. In particular, based on reproduction and survival rates, a Leslie type model is used for the analysis of the demographic dynamics of a population. The presented model is different from the classical Leslie model,...

This paper studies the effect of demographic change on national saving, global interest rates, and international 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...