retirement age and benefit level. The present paper is devoted to analyzing the long-run financial implications of such a reform …

.g., to pension and labor market reform. This paper sheds light on such reactions in three large Continental European … countries. France, Germany, and Italy have large pay-as-you-go pension systems and vulnerable labor markets. At the same time …, these countries show remarkable resistance against pension and labor market reform. Key issues taken up in this paper are …

and money in their upbringing. -- Pension reform ; implicit pension taxes and subsidies ; child benefits ; fertility …