UNFUNDED PENSION SYSTEMS: Ageing and Migration CONTRIBUTIONS TO ECONOMIC ANALYSIS 264 Honorary Editors: D.W. JORGENSON J. TINBERGEN† Editors: B. BALTAGI E. SADKA D. WILDASIN Amsterdam – Boston – Heidelberg – London – New York – Oxford – Paris San Diego – San Francisco – Singapore – Sydney – Tokyo UNFUNDED PENSION SYSTEMS: Ageing and Migration SILKE UEBELMESSER Center for Economic Studies, University of Munich, Munich, Germany, and CESifo 2004 Amsterdam – Boston – Heidelberg – London – New York – Oxford – Paris San Diego – San Francisco – Singapore – Sydney – Tokyo ELSEVIER B.V. Sara Burgerhartstraat 25 P.O. Box 211, 1000 AE Amsterdam The Netherlands ELSEVIER Inc. 525 B Street, Suite 1900 San Diego, CA 92101-4495 USA ELSEVIER Ltd The Boulevard, Langford Lane Kidlington, Oxford OX5 1GB UK ELSEVIER Ltd 84 Theobalds Road London WC1X 8RR UK q 2004 Elsevier B.V. All rights reserved. This work is protected under copyright by Elsevier B.V., and the following terms and conditions apply to its use: Photocopying Single photocopies of single chapters may be made for personal use as allowed by national copyright laws. Permission of the Publisher and payment of a fee is required for all other photocopying, including multiple or systematic copying, copying for advertising or promotional purposes, resale, and all forms of document delivery. Special rates are available for educational institutions that wish to make photocopies for non-profit educational classroom use. Permissions may be sought directly from Elsevier’s Rights Department in Oxford, UK: phone (+44) 1865 843830, fax (+44) 1865 853333, e-mail:
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