The paper employs generational accounting to analyze the intertemporal fiscal impact of immigration to Germany. Generational accounts for native and alien residents are distinguished to assess what might be the lifetime net tax payments of prospective immigrants after arrival. Supposed future...

In May 2001, Germany adopted a fundamental pension reform cutting back public pensions and introducing personal pension accounts. The paper critically reviews the reform decisions and evaluates their long-term viability. It is shown that the adjustment of the Public Pension Scheme misses the...