Population ageing: economic effects and some policy implications for financing public pensions.

Population ageing in the OECD area is expected to affect labour and product markets and national rates of saving and capital accumulation. Ageing will also place significant pressures on public finances as the share of future output transferred to a large dependent population rises. This paper discusses some of the potential effects of ageing with particular emphasis on its implications for financing public pensions in Japan the Federal Republic of Germany Sweden and the United States. Future increases in retirement age and reduction of the ratio of benefits to wage levels could help reduce pressures on public finances while a trust fund can help smooth the transition. (EXCERPT)

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