In this paper, we analyze the consequences of endogenous migration flows over the coming decades in a dynamic general equilibrium model of the world economy. Such an approach has two major benefits. First, it offers a global perspective on the economic consequences of international migration...

The retirement systems of industrialized countries must be adjusted, because of the increasing ratio of pensioners to workers, How? In a context where the government guarantees the social contract, we show that during the process of aging, the size of the retirement system develops in the...

In many European countries, population aging had led to debate about a switch from conventional unfunded public pension systems to notional systems characterized by individual accounts. In this article, we develop an overlapping generations model in which endogenous growth is based on an...