Dieser Beitrag versucht, die wichtigsten Auswirkungen der Bevölkerungsalterung auf den Arbeitsmarkt zu studieren und daraus Konsequenzen für die Finanzpolitik im weitesten Sinne zu ziehen. Der Beitrag zeigt, daß es neben dem sattsam diskutierten alterungsbedingten Anstieg der Beitrags- und...

Population aging is just beginning to hit the industrialized countries in full force, and it will have a tremendous impact on capital markets. Capital market effects of population aging are particularly strong in continental European economies such as Germany, with their large pay-as-you- go...

Reforms of the public pension systems are on top of the European policy agenda. Current costs are high, and the pressures will increase due to population aging and negative incentive effects. This paper describes the causes of the current pension problems and the cures required to make the...

Einer der großen "Megatrends", der Deutschland in den nächsten Jahrzehnten entscheidend verändern wird, ist der demographische Wandel. Im Jahr 2030 werden aufgrund unserer niedrigen Geburtenrate und wegen des erfreulichen Anstiegs der Lebenserwartung etwa doppelt so viele ältere Menschen wie...

The relationship between a woman’s reproductive history and her entry into retirement is not well-investigated yet. Will mothers exit the workforce earlier than childless women (as they have a weaker labour market orientation; as they are more likely to have a ‘male...

This paper analyzes effects of population aging on the labor market and determines their broad implications for public policy. It takes Germany as an example, but it equally applies to the other large economies in Continental Europe. The paper argues that, alongside the amply discussed,...

The European welfare states have fundamental problems, in particular high unemployment and a mounting pressure on public pensions. Although these problems have been prominent topics of the political debate for years and years, we have seen little fundamental reform. Why this is so? One of the...

High replacement rates from public old age insurance might lead to the belief that little room is left for private sector annuities in Germany. Taking a closer look, we find a small market with a surprisingly large variety of products. Due to the recent pension reform and future ones to come the...

This paper shows that the capital market effects of population aging and pension reform are particularly strong in continental European economies such as France, Germany, and Italy. Reasons are threefold: these countries have large and ailing pay-as-you-go public pension systems, relatively thin...

Der einzelne Mensch ist im Lebensverlauf erheblichen biometrischen, ökonomischen, familiären und politischen Risiken ausgesetzt. Viele meinen, diese wären in den letzten Jahren größer geworden. Haben wir die richtigen Institutionen, um diese Risiken effizient abzudecken? Unter Institutionen...