This paper analyses the long-term growth and welfare impact of the transition to the market economy in the countries of Eastern Europe. We define welfare as the average real net wage after payments of social security contributions to fund a paygo-type pension system, and of taxes to service the...

Many developing countries have made dramatic progress in promoting private sector participation in their infrastructure sectors, especially with the help of foreign investors. However, this has not been the case in Southern and Eastern Africa, which have been perceived as relatively unattractive...

This paper shows tha shifting the portfolio allocation of the social security trust fund towards more equity investment, ceteris paribus, reduces the aggregate capital stock as well as the average consumption level of all individuals except the poor retirees who receive an increase but at the...

We develop a model of an overlapping generations economy characterized by provate pensions where risk averse agents face both longetivity and investment risks.