Ageing-driven pension reforms

Research output: Contribution to journalArticleScientificpeer-review

10 Citations (Scopus)


This paper stems from the observation that there are two worldwide trends, pension reform and population ageing, and asks whether the two may be related. Exploring the cases of pension reform in different countries, we find that, although they are very different, the cases share a common characteristic: they shift risks away from workers towards those who are retired. Furthermore, population ageing, by increasing the weight of the elderly relative to working generations, raises the price of intergenerational risk sharing. Combining these findings, we argue and show formally that pension reform can be seen as a welfare-best response to population ageing.
Original languageEnglish
Pages (from-to)953-976
JournalJournal of Population Economics
Issue number3
Publication statusPublished - Jul 2017


  • population ageing
  • pension reform
  • PAYG pensions
  • funded pensions
  • welfare analysis


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