The spread of novel coronavirus disease (COVID-19) has resulted in chaos around the
globe. The infected cases are still increasing, with many countries still showing a trend of …

Unfunded public pension obligations represent a great challenge for policy makers in the
American states. We posit that a part of pension underfunding relates to the level of public …

This paper develops an accounting model for monitoring the solvency of a notional defined
contribution (NDC) pension scheme with disability and minimum pension benefits. Using the …

One important aspect of public finance is understanding expenditure allocations among
competing purposes. Applying the public choice paradigm and fiscal illusion framework, this …

As the public sector has expanded over the course of the twentieth and twenty-first centuries
and public budgets have become increasingly complex, the need for theories and …

This paper develops a social insurance accounting model for a notional defined contribution
(NDC) scheme combining retirement and long-term care (LTC) contingencies. The …

State and local governments across the United States of America (USA) were hit hard by the
recent recession. The fiscal stress alerted the public to the increasing amount of public …

The automatic balancing mechanism introduced in 2004 aims to re-establish the financial
equilibrium of the Japanese public pension systems. The non-linear functions for benefits …

In recent years, a growing number of capital market professionals have projected a low-
return environment in US investment portfolios–where returns in most asset classes are …

A growing body of research shows that economic, demographic, and institutional factors
affect public pension funding. Most of these findings are based on the analysis of complete …