This paper uses stochastic simulations on calibrated models to assess the steady state impact of different pension arrangements in an environment where financial markets are less than perfect. Surprisingly little is known about the optimal split between funded and unfunded systems when there are...

This report summarises the research we have undertaken into the implications of various pension reform strategies in Japan. Reform is essential because ageing will generate extreme pressures on the public, unfunded pension system. We consider the macroeconomic, or aggregate, and the...

This paper uses stochastic simulations on calibrated models to assess the steady state impact of different pension arrangements in an environment where financial markets are less than perfect. Surprisingly little is known about the optimal split between funded and unfunded systems when there are...