(DB) to a defined contribution (DC) system. The DC system links benefits to contributions and investment returns, ensuring … model with heterogeneous agents to assess these reforms. By 2070, demographic changes will make the DB system unsustainable … without substantial government subsidies, adversely affecting taxes, income, and savings. Conversely, the DC system would …

as one of the causes. This paper is the first to provide detailed evidence based on historical data on the mechanism by … which a public pension system depresses fertility. Our theoretical framework highlights that the effect of a public pension … system on fertility works via the impact of contributions in such a system on disposable income as well as via the impact on …