Lowest Rated Papers
Recent pension reforms in Europe: More challenges, new directions. An overview
Karl Hinrichs
Social Policy & Administration·2021·100 citations
AbstractDuring the last 30 years, all European Union member states have reformed their pension systems. In view of ongoing and intensifying population aging, efforts have aimed at containing the future rise of the contribution rate, improving the system dependency ratio, lowering the benefit ratio and/or infusing tax money or other financial resources into the system. Moreover, since about the early 2000s, we can observe a move towards a multi‐pillar pension system in countries hitherto running a dominant‐pillar system: private pre‐funded occupational pensions and individual provision for old age are given larger roles within the public–private mix of retirement income. An analysis of reforms shows a finite menu of adjustment options, and concrete measures have to be adapted to nation‐specific institutional contexts. Finally, we can conclude that pension reforms focusing on long‐term financial sustainability may increase the risk of old‐age poverty and, thus, violate a central objective of pension schemes.
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View paper →Presidential Address: Pension Policy and the Financial System
DAVID S. SCHARFSTEIN
The Journal of Finance·2018·55 citations
ABSTRACTIn this paper, I examine the effect of pension policy on the structure of financial systems around the world. In particular, I explore the hypothesis that policies that promote pension savings also promote the development of capital markets. I present a model that endogenizes the extent to which savings are intermediated through banks or capital markets, and derive implications for corporate finance, household finance, banking, and the size of the financial sector. I then present a number of facts that are broadly consistent with the theory and examine a variety of alternative explanations of my findings.
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View paper →Pensions at a Glance 2025
Unknown Author
OECD Pensions at a Glance·2025·1 citations
No abstract available
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View paper →Reforming Pensions: Lessons from Economic Theory and Some Policy Directions [with Comment]
NICHOLAS BARR, PETER DIAMOND, Eduardo Engel
Economía·2010
No abstract available
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View paper →EU Enlargement, Migration, and Lessons from German Unification
Hans-Werner Sinn
German Economic Review·2000·15 citations
Abstract
The paper studies the role of international implications after EU enlargement. Based on a formal model with migration costs for both capital and labor, it predicts a two-sided migration from the new to the old EU countries which is later reversed. As the migration pattern chosen by market forces turns out to be efficient, migration should not be artificially reduced by means of legal constraints or subsidies to the new member countries. The paper draws the parallel with German unification and points out the lessons to be learned by Europe. The analysis concludes with a brief discussion of the second-best problem posed by the existence of welfare states in the old member countries.
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