The Coming Global Pension Crisis: The Aging of the World's Population and Its Implications for Capital Flows

Council on Foreign Relations

November 15-16, 1996

Presentations by

Marshall Carter
Russell J. Cheetham
Martin Feldstein
Yves Guerard
David Hale
Robert D. Hormats
Thomas W. Jones
Haruhiko Kuroda
Olivia S. Mitchell
Robert C. Pozen
Alice Rivlin
Jan Svejnar
Laura D'Andrea Tyson
Norbert Walter

with an introduction by Peter G. Peterson

Presented by

Economic Studies Program of the Council on Foreign Relations

Contents

Introduction Peter G. Peterson

The OECD Economies

1. Social Security: A Social Insurance System - Laura D'Andrea Tyson
2. Japan: The Economic Implications of a Rapidly Aging Population - Haruhiko Kuroda
3. The Public Pension Crisis in Europe - Norbert Walter
4. Comment: Public and Private Retirement Systems in OECD Countries - Robert C. Pozen
5. Comment: Social Security Reform - Thomas W. Jones
6. A Growth Problem, Not A Pension Crisis - Alice M. Rivlin
7. Alternatives to the Pay-As-You-Go Model - Marshall Carter

THE EMERGING ECONOMIES

8. Exporting Chilean Social Security Reform - Olivia S. Mitchell
9. Pension Reform in China - Russell J. Cheetham
10. Retirement Savings in ASEAN - Yves Guerard
11. Pensions in the Former Soviet Bloc: Problems and Solutions - Jan Svejnar

Implications of the Pension Crisis for Capital Flows

12. How the Rise of Pension Funds Will Change the Global Economy in the 21st Century - David Hale
13. The Impact of Social Security Reform on Savings - Martin Feldstein
14. Implications of the Pension Crisis for Capital Flows - Robert D. Hormats