We classify social security pension systems in three dimensions: actuarial versus non-
actuarial, funded versus unfunded, and defined-benefit versus defined-contribution systems …

Social insurance programs have become the most important, the most expensive, and often
the most controversial aspect of government domestic policy, not only in the United States …

The salience of East Asia in the global economy is now unquestionable, and with a
population of nearly 1.9 billion, its expanding markets will strongly influence the tempo of …

In all societies, intergenerational transfers are large and potentially have an important
influence on inequality and economic growth. The development of each generation of youth …

Governments around the world have enacted or are currently considering fundamental
structural reforms of their Social Security pension programs. The key feature in these reforms …

We model how asset allocation decisions in a defined contribution (DC) pension plan might
vary with participants' attitudes about risk and regret. We show that anticipated disutility from …

Asia as a whole is experiencing a rapid demographic transition toward older populations,
though different countries are at different stages of this region wide trend. We document …

Social Security is one of America's most successful government programs. It has helped
millions of Americans avoid poverty in old age. To be sure, the program faces a long-term …

abstract Recently we were asked to serve on the President's Commission to Strengthen
Social Security (CSSS) along with 14 other members drawn equally from both major political …

This paper investigates how parametric reform in a pay-as-you-go pension system with a tax–
benefit link affects retirement and work incentives of prime-age workers. We find that …