TY - BOOK ID - 135214340 TI - Aging, Social Security Design, and Capital Accumulation AU - Dedry, Antoine AU - Onder, Harun AU - Pestieau, Pierre PY - 2015 PB - Washington, D.C. : The World Bank, DB - UniCat KW - Aging KW - Economic theory & research KW - Emerging markets KW - Health, nutrition and population KW - Labor policies KW - Macroeconomics and economic growth KW - Pensions & retirement systems KW - Population policies KW - Private sector development KW - Public finance sustainability KW - Social protections and labor KW - Social security UR - https://www.unicat.be/uniCat?func=search&query=sysid:135214340 AB - This paper analyzes the impact of aging on capital accumulation and welfare in a country with a sizable unfunded social security system. Using a two-period overlapping generation model with endogenous retirement decisions, the paper shows that the type of aging and the type of unfunded social security system are important in understanding this impact. The analysis compares two types of demographic changes, declining fertility and increasing longevity; three types of pensions, defined contributions, defined benefits, and defined annuities; as well as mandatory and optimal retirement systems to investigate the differences in implications of aging. ER -