Mandatory pension systems are a worldwide phenomenon. Many need reform. This book, a summary of a longer book, sets out an extensive but nontechnical explanation of the economics of pension design. The book recognizes the multiple objectives of pension plans: consumption smoothing, insurance, poverty relief, and redistribution. Analysis includes discussion of labor markets, capital markets, risk sharing, and gender and family. This is supplemented by discussion of implementation, and of experiences, both good and bad, in many countries, with particular attention to China and Chile
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