《SOCIAL SECURITY REFORM FINANCIAL AND POLITICAL ISSUES IN INTERNATIONAL PERSPECTIVE》

Introduction1

PART ONE AGING POPULATIONS AND THE NEED FOR SOCIAL SECURITY REFORM9

1.The Developed World's Demographic Transition - The Roles of Capital Flows, Immigration, and Policy11

2 Will Social Security and Medicare Remain Viable as the U.S Population Is Aging? An Update44

PART TWO UNDERSAVING AS A RATIONALE FOR MANDATORY SOCIAL SECURITY PROGRAMS71

3 Self-Control and Saving for Retirement73

PART THREE. INVESTING PUBLIC PENSIONS IN THE STOCK MARKET143

4 Social Security Investment in Equities145

5 Investing Public Pensions in the Stock Market: Implications for Risk Sharing, Capital Formation, and Public Policy in the Developed and Developing World183

6 The Risk-Sharing Implications of Alternative Social Security Arrangements206

PART FOUR FINANCI AL MARKETS AND SOCI AL SECURITY REFORM245

7 Asset Market Effects of the Baby Boom and Social Security Reform247

8 Demographic Structure and Asset Returns268

9 WiLl Bequests Attenuate the Predicted Meltdown in Stock Prices When Baby Boomers Retire?307

PART FIVE POLITICAL ECONOMY ASPECTS OF SOCIAL SECURITY REFORM319

10 Aging and the Private Versus Public Pension Controversy: A Political-Economy Perspective321

11How Would You Like to Reform Your Pension System? The Opinions of German and Italian Citizens333

Index353