This paper compares the public indebtedness of the Canadian provinces and the US states (including a share of the federal debt) over the 2000-2007 period. It presents rankings of the most indebted subnational jurisdictions based on five public debt concepts. Among the provinces, Quebec (with the...

I review the theoretical literature on defined-benefit pension plans, particularly focusing on the issue of plan underfunding and benefit guarantee insurance schemes. Under reasonable assumptions underfunding can be an equilibrium outcome even in the absence of benefit insurance. The...