Population aging is now an established demographic characteristic of many economies. Economists working in the endogenous growth theory tradition have sought to model the relationship between public pensions, financed on a Pay-As-You-Go basis, and the growth in per capita incomes. The resultant...

While extreme asset price movements are a common feature of the global financial system, recent financial crises have witnessed an increase in the use of serious stress testing in risk management. This paper examines the performance of a bivariate normal distribution model and a bivariate...

Like many advanced nations, Malaysia is undergoing profound demographic changes that are bound to have far-reaching economic and social repercussions in future. A critical feature of future Malaysian society will be the need to provide economic security to older people. Thus, it is important...