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In 1980, Chile dramatically reformed its retirement system, replacing what was an old insolvent PAYGO program with a new structure that relies heavily on funded defined contribution individual account...
Over the last three years, China has made substantial progress in pushing forward its New Rural Pension program that already “covers” more than 60% of rural counties. Currently, this new scheme has tw...
How can public pension systems be reformed to ensure fiscal stability in the face of increasing life expectancy? To address this pressing open question in public finance, we estimate a life-cycle mode...
This article has two aims: First, to present a descriptive analysis of the recent pension reforms in Germany, focussing on the reforms of 2003 and 2004 and on the political process instead of policy o...
China’s aging population will sharply increase the number of retirees who have to be supported by each worker in the next several decades. That demographic problem combined with the inability of st...
In the last year and a half the world has witnessed a remarkable reduction inthe valuation of asset prices in developing countries. Measured in dollars, stockvalues declined by roughly 30 percent in r...
Introduction In the last year and a half the world has witnessed a remarkable reduction in the valuation of asset prices in developing countries. Measured in dollars, stock values declined by roughly ...
In May 2001, Germany adopted a fundamental pension reform cutting back public pensions and introducing personal pension accounts. The paper critically reviews the reform decisions and evaluates their ...

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