Abstract This economic policy forum is assigned to the question “Does the European Union need a new financial order?” Hans Fehr considers the recent development of the budget of the EU and discusses a number of reform options for the future. He shows that during the 90ies there has been...

Summary This paper examines the distributional and efficiency effects of pension privatization in Germany. Starting from a benchmark that reflects the current unfunded pension system, a fully funded system is introduced. The accrued benefits of the old system are financed by alternative tax...

This study uses Fehr et al. [Fehr, H., Jokisch, S., & Kotlikoff, L. J. (2004a). The role of immigration in dealing with the developed world's demographic transition. FinanzArchiv, 60, 296-324; Fehr, H., Jokisch, S., & Kotlikoff, L. J. (2005). The developed world's demographic transition--the roles...

Many reform proposals of the social security systems in various OECD economies suggest to scale down the non-actuarial parts of the pension systems. These reforms have a flavor of increased efficiency at the costs of welfare losses for low-income individuals. Assessing the economic effects, we...