By Juan Medina, Michael Pedersen & gerardo reyes Emerging economies face long-run fiscal sustainability challenges associated with demographic change and the productive capacity of commodity sectors. Population aging can weaken labor supply growth, constrain tax bases, and increase age-related public expenditures, while declining productivity in non-renewable sectors may further limit fiscal capacity and economic growth. […]

By Aleksandar Andonov, Kristy Jansen & Joshua D. Rauh Long-maturity Treasury issuance reduces government rollover risk but depends on investors with structural demand for duration. We examine whether U.S. public pension funds, a $7 trillion sector, provide such demand, as is often presumed given their liabilities. Using security-level holdings, we show that Treasuries account for […]

Por Walter Guevara Household surveys that ask about private transfers rarely separate support sent from abroad from the broader category of economic support a household may receive. Mexico’s National Survey of Occupation and Employment (ENOE) contains both items. This note documents that the two move in opposite directions over 2008-2026, and that the difference is […]

For much of the past two decades, the task facing trustees and investment teams of defined benefit (DB) pension schemes was clear: repair deficits, manage risk and achieve funding stability. That discipline remains vital. But the world pension schemes now operate in has changed fundamentally, and so too must the way we think about investment […]

The retirement benefits sector has quietly become a remarkable growth story in the country’s financial system. In under 30 years, it has morphed from a fragmented unregulated sector to managing Sh2.8 trillion in assets, equivalent to 14.5 percent of the gross domestic product. The first phase of the sector’s growth, marked through the enactment of […]

On September 28, 2026, Fidelity International is lobbying the German government to expand its pension reform plans, aiming to address the significant retirement savings gap among workers. The firm’s German private client head emphasized the importance of opening the new personal pension scheme as an optional channel for occupational pensions. With a goal to rank […]

A growing number of retirees face a challenge previous generations rarely had to consider: their retirement may last as long as their working lives. For South Africans retiring in their sixties, a retirement spanning 35 or even 40 years is no longer an extreme scenario. While longer life expectancy is undoubtedly positive, it fundamentally changes […]