The evolution of the Italian airport sector needs a clear-cut discontinuity from the past,without which it is unlikely that the objective of seizing the socio-economic opportunitiesrelated to the expected increase in air traffic for the coming years will be achieved. A moresystemic vision of the...

Trend increases in longevity are a global phenomenon challenging the fiscal sustainability of current welfare arrangements. Policy proposals abound and often build on implicit assertions concerning intergenerational equity. This paper offers a simple but manageable OLG model with endogenous...

The paper examines pension reform under ageing. Using stylised facts, ageing is traced to low fertility and increasing longevity. Given these persistent factors, pension systems must be reformed to avoid an unfair burden being left for future generations.

In 2001, the government established the New Zealand Superannuation Fund. This is intended to partially pre-fund the future costs of New Zealand Superannuation, the universal Tier 1 pension payable to all New Zealanders over age 65. The incoming, National-led government suspended contributions in...

This paper analyzes how Value at Risk (VaR), a risk measure, can be used to calculate contributions to a life insurance guaranty fund. The paper shows that this measure can be a first step towards taking risk and solidity into account when determining how much each insurer should contribute to...