The paper analyses the reforms of the Italian mandatory pension scheme for employees legislated in the 1990s. To assess the effects of the reforms, a microsimulation model calibrated on cross-section data is developed. The model is aimed at estimating the average income of a member of a cohort,...

Hungary has faced a considerable challenge to regain credibility following persistent and high fiscal deficits. Efforts during recent years have produced substantial results. The fiscal deficit has been brought down significantly and, despite the recession, fiscal consolidation has continued to...