All reform countries in Central and Eastern Europe require a rapid and comprehensive restructuring of their public pension schemes for macroand microeconomic reasons. The paper argues that pension reform, economic restructuring, and the growth options for these countries are closely related, and that by pursuing a reform which is at least partially directed towards private and funded pensions, ...

The generosity of public pensions may depress private savings and provide incentives to retire early. While there is plenty of evidence supporting the latter effect, there remains considerable controversy whether public pensions crowd out private savings. This paper uses international micro-datasets collected over recent years to investigate whether public pensions displace private savings. The...

Public pensions and private saving are commonly considered complementary funding sources from which the elderly should draw simultaneously throughout their retirement. This paper shows that sequential use of funding sources would be significantly more effi cient —a period of entirely private funding followed by a period of consumption fully financed by public pensions. Thus the standard multi-p...

ground, or it may be the middle distance, into the mists of futurity. It is clear, therefore, that pensions and vigorous health are closely linked. Even the military or naval pensioner, notwithstanding that he may have suffered from wounds, exercises a blunting ?effect on the scythe of Time-?the Chelsea pensioner is a famous case in point. The reasons are so obvious and familiar that they hardl...

The objective of most US institutions with assets to invest is to fund some sort of liability, as is the case with banks, insurance companies, pension funds, and so forth. As a result, asset/liability management (ALM) should be the investment focus and the basis for selecting the core portfolio. Insurance companies may be the birthplace of ALM and certainly have been the model of ALM discipline...

quoted are those for the year 1942 and I enclose a copy of the latest statistics (1945) for the information of the writer of the article. In paragraph 2 of the article there is a reference to the definition of blindness for school children, viz., " too blind to be able to read the ordinary school books used by children." This definition has been replaced by the following; " blind pupils, that i...

This study analyses the dynamics of a general equilibrium, overlapping-generations (closed) economy with pay-as-you-go public pensions and tax-financed health investments that affect the retirement timewhen old. Life of the typical agent is divided between youth (firth period) and old age (second period). The latter period of life is, in turn, divided betweenwork time and retirement time in a p...

METHODS Participants selected from the on-going Finnish 10-town study comprised all 46 569 full time municipal employees who had a job contract lasting a minimum of three full consecutive years between 1 January 1990 and 31 December 2000, and were below 55 at the end of the follow up, the age before which medical causes exclusively determine granting of disability pension for municipal employee...

There is considerable interest in the design and funding of European pension systems.While many commentators emphasise the financial burden of underfunded European social security systems, less understood are the structure and performance of European supplementary pensions. We introduce readers to the Dutch system of funded supplementary pensions, focusing upon the governance structure of those...