The Future of Saving: The Role of Pension System Design in an Aging World

Over the coming decades, declining fertility and increasing longevity will profoundly change the population age distribution in many countries, albeit at different paces. The fiscal consequences of this demographic transition have received considerable policy attention around the world, but what implications will it have for saving rates across countries? What role does the design of retirement systems play? This discussion note investigates how impending demographic shifts and the design of pension systems could influence future national saving.