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We discuss the current state of stockownership among households in major European countries (France, Germany, Italy, the Netherlands, Sweden, and the UK), drawing parallels and contrasts with the US experience. We use detailed microeconomic datasets and explore the extent to which observed international differences in stockholding can be attributed to(More)
BACKGROUND Given the challenge of a high proportion of older employees who retire early from work we analyse associations of indicators of a poor psychosocial quality of work with intended premature departure from work in a large sample of older male and female employees in 10 European countries. METHODS Baseline data from the 'Survey of Health, Ageing(More)
In this paper, we present a quantitative analysis of international capital flows induced by differences in population aging processes across countries and by pension reforms. In the vast majority of countries, demographic change will continue well into the 21 st century. It is well known that within each country, demographic change alters the time path of(More)
The opinions and conclusions are solely those of the authors and should not be considered as representing the opinions or policy of the Social Security Administration or any agency of the Federal Government. Abstract Germany still has a very generous public pay-as-you-go pension system. It is characterized by early effective retirement ages and very high(More)
We are grateful to Anette Reil-Held, Bernd Katzenstein, Klaus Kortmann and Joachim Winter for most helpful comments and to the interviewers for their commitment in implementing this study. We would also like to thank the German Science Foundation (DFG) and the European Commission, who financed most of the survey through the "Sonderforschungsbereich 504" and(More)
This paper uses the Survey of Health, Ageing and Retirement in Europe (SHARE) to investigate the role of pension and social security institutions in shaping the European patterns of work and retirement. The key novelty of our paper is a careful account of the health status of the respondents. We provide new evidence on the extent of health-adjusted "unused(More)
The European welfare states have fundamental problems, in particular high unemployment and a mounting pressure on public pensions. Although these problems have been prominent topics of the political debate for years and years, we have seen little fundamental reform. Why this is so? One of the core hypotheses claims that the current state of affairs, as(More)
This paper measures capital productivity in West Germany, Japan and the United States and links capital productivity to financial performance. We show that West Germany and Japan have significantly lower levels of capital productivity than the United States, mainly due to lower capital utilization but also because less productive capacity was created per(More)
Many economists and policy-makers argue that households do not save enough to maintain an adequate standard of living during retirement. However, there is no consensus on the answer to the underlying question about what this standard should be, despite the fact that it is crucial for the design of saving incentives and pension systems. We address this(More)