Investing for the old age: pensions, children and savings

@article{Galasso2009InvestingFT,
  title={Investing for the old age: pensions, children and savings},
  author={Vincenzo Galasso and Roberta V. Gatti and Paola Profeta},
  journal={International Tax and Public Finance},
  year={2009},
  volume={16},
  pages={538-559}
}
In the last century, most countries have experienced both an increase in pension spending and a decline in fertility. We argue that the interplay of pension generosity and development of capital markets is crucial to understand fertility decisions. Since children have traditionally represented for parents a form of retirement saving, particularly in economies with limited or nonexistent capital markets, an exogenous increase of pension spending provides a saving technology alternative to… CONTINUE READING

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