The first two deal with theoretical issues, while the last focuses on empirics. The second deals with the inefficiencies caused by different pension systems in different countries. The last essay analyses the impact of government-sponsored pension funds on the level of private savings.
Economic growth is driven predominantly by a higher investment ratio and lower taxation.
The model is also shown to be robust against changes in some coefficients. The essay discusses in detail the relationship between the proportion of a population that is willing or able to migrate and the sustainability of a country's pension system. It shows that when even limited labour mobility is introduced, countries have less room for maintaining their independent pension systems. The authors analyze the voluntary pension scheme introduced in the Czech Republic in late 1994, focusing mainly on the impact of pension funds on the level of household savings. To this end, a close analysis is made of a special survey and household accounts from 1994 and 1996.