Razin, Asaf; Tsadḳah, Efrayim - 2003
The aging of the population shakes the public finance of pay-as-you-go social security systems. We develop a political …-economy framework in which this demographic change leads to the downsizing of the social security system, and, as a consequence, to the … Growth Pact in the EU) more flexible, to accommodate a one-shot cost of the social security reforms, is shown to facilitate …