In this paper, we calculate the necessary payroll tax to reach the financial equilibrium of the retirement system for formal workers in the private sector in Brazil (INSS). Such an exercise allows us to identify the formal employees who contribute to the increase of the INSS deficit. Although we...

The purpose of this paper is to use the literature which evaluates the external sustainability condition to evaluate the original equation of Feldstein and Horioka. We conclude that the saving-investment correlation calculated using cross-sectional data measures the solvency condition instead of...