In this paper, we offer an explanation for cyclical reforms to pension systems, based on the experience of countries in Central and Eastern Europe (CEE) over the last three decades. We conclude that in making the transition to funded pension design, governments not only transfer longevity and...

Purpose – This paper aims to analytically show that in an over-lapping-generation (OLG) model, low earning cohorts bear unwanted risk and absorb higher economic cost than high earning cohorts do. Design/methodology/approach – This paper aims to consider the individual’s risk appetite,...

Using funded and unfunded pillars, the optimal pension structure is estimated usingan over-lapping generation model, calibrated to the average OECD countries. Whilesimulating different pillar sizes, a socio-economic characteristic was revealed in whichlow-earning groups are prone to unexpected...

This study introduces multiplayer game in the modern pension market. Particularly, thisstudy claims that low earners and high earners have different interests when playing in fundedpension market scheme. This differentiating is enabled by avoiding the entire society as a singleearning cohort....