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Abstract All major industrial countries will experience significant population aging over the next several decades. In both academic circles and the business press it is widely believed that population aging will have important effects on financial markets because of its expected impact on saving rates and the demand for investment funds. This paper reviews t…
Introduction The structure of pension systems varies by two key dimensions: the way in which benefits are determined and the way in which they are financed. The determination of benefits follows one of two main methods: (1) the defined benefit approach, in which benefits are based on a formula that relies on how much workers…
