This paper analyzes the determinants of the choice of location of international students. Buildin... more This paper analyzes the determinants of the choice of location of international students. Building on the documented trends in international migration of students, we develop a small theoretical model allowing to identify the various factors associated to the attraction of migrants as well as the costs of moving abroad. Using new data capturing the number of students from a large set of origin countries studying in a set of 13 OECD countries, we assess the importance of the various factors identified in the theory. We find support for a significant network effect in the migration of students, a result so far undocumented in the literature. We also find a significant role for cost factors such as housing prices and for attractiveness variables such as the reported quality of universities. In contrast, we do not find an important role for registration fees (reverse causality, signal of quality, covered by grants).
This paper analyzes the determinants of the choice of location of international students. Buildin... more This paper analyzes the determinants of the choice of location of international students. Building on the documented trends in international migration of students, we develop a small theoretical model allowing to identify the various factors associated to the attraction of migrants as well as the costs of moving abroad. Using new data capturing the number of students from a large set of origin countries studying in a set of 13 OECD countries, we assess the importance of the various factors identified in the theory. We find support for a significant network effect in the migration of students, a result so far undocumented in the literature. We also find a significant role for cost factors such as housing prices and for attractiveness variables such as the reported quality of universities. In contrast, we do not find an important role for registration fees (reverse causality, signal of quality, covered by grants).
In this paper, we study general polynomial discretizations in backward and forward looking, and t... more In this paper, we study general polynomial discretizations in backward and forward looking, and the preservation of stability properties. We apply these results to the Ramsey model [1]. Its discrete-time version is a hybrid discretizations of a backward-looking budget constraint and a forward-looking Euler equation. Saddle-path stability is a robust property under discretization.
In this paper, we study general polynomial discretizations in backward and forward looking, and t... more In this paper, we study general polynomial discretizations in backward and forward looking, and the preservation of stability properties. We apply these results to the Ramsey model [1]. Its discrete-time version is a hybrid discretizations of a backward-looking budget constraint and a forward-looking Euler equation. Saddle-path stability is a robust property under discretization.
In this paper, we show how to recover discrete-time models from their continuous-time versions th... more In this paper, we show how to recover discrete-time models from their continuous-time versions through Euler discretizations. In the first part, we introduce general polynomial discretizations in backward and forward looking and we study the preservation of stability properties and local bifurcations under different discretizations. In the second part, we apply these results to popular growth models. We show how to reconcile the traditional Solow models in discrete and continuous time through a backward-looking discretization. Discrete-time models of endogenous saving, such as Ramsey (1928), need hybrid discretizations of the continuous-time model because of the forward-looking nature of the Euler equation. The introduction of externalities allows us to illustrate the preservation of stability properties and local bifurcations.
On the one hand, the adoption of polluting technologies can enhance the factor productivity; on t... more On the one hand, the adoption of polluting technologies can enhance the factor productivity; on the other hand, pollution lowers the stock of human capital by weakening physical and mental performances, and shortening the life expectancy at the end. To capture the impact of pollution on economic growth, we compute the optimal policy in an endogenous growth model à la and we study the effects of pollution in the short and the long run.
HAL (Le Centre pour la Communication Scientifique Directe), Oct 1, 2016
The question of whether migration can serve as a channel for regional adjustment to asymmetric sh... more The question of whether migration can serve as a channel for regional adjustment to asymmetric shocks is crucial in an economic and monetary union. It is of particular interest within the Eurozone where countries do not have flexible exchange rates as an adjustment mechanism. By moving from countries with high unemployment to countries with better employment prospects, intra-European migrants should help countries to adjust to asymmetric shocks and lead to a more efficient allocation of resources within the free migration regime. This policy brief exploits the 2008 economic crisis to investigate how labor market disparities between EU15 countries affected intra-European migration. Our main contributions are threefold. First, over the period 2000-2013, we find that intra-European migration indeed responds to regional differences in employment conditions: a rise in unemployment differences between two EU15 countries fosters migration to the country with the better employment conditions. Second, we find that the 2008 economic crisis led to a strong reallocation of individuals within the EU15 between the southern countries (Greece, Italy, Portugal and Spain) which were the most affected by the crisis and the least affected countries, such as Denmark and the UK. Third, our results indicate that responsiveness to regional employment disparities is far greater among non-EU15 immigrants, compared to European-born people. This finding suggests that the mobility of Europeans within the EU15 could be greater, a hypothesis that is consistent with the higher mobility observed in the United States. Improving crosscountry portability of social rights within the EU could thus be a relevant reform to foster intra-EU mobility.
The following queries have arisen during the typesetting of your manuscript. Please click on each... more The following queries have arisen during the typesetting of your manuscript. Please click on each query number and respond by indicating the change required within the text of the article. If no change is needed please add a note saying ''No change.'' AQ1: Please check that all names have been spelled correctly and appear in the correct order. Please also check that all initials are present. Please check that the author surnames (family name) have been correctly identified by a pink background. If this is incorrect, please identify the full surname of the relevant authors. Occasionally, the distinction between surnames and forenames can be ambiguous, and this is to ensure that the authors' full surnames and forenames are tagged correctly, for accurate indexing online. Please also check all author affiliations.
We use a model based on the latest forecasts by the French Retirement Advisory Council (Conseil d... more We use a model based on the latest forecasts by the French Retirement Advisory Council (Conseil d’Orientation des Retraites: COR) at the moment when the study was carried out and a Bootstrap simulation of the rate of return on the financial portfolio of the French Pension Reserve Fund (Fonds de Reserve pour les Retraites: FRR). Our results indicate that the FRR will cover at most 24% of the expected deficit in 2020 and 14.9% in 2040. We also explore the benefits and risks of a multi-pillar pension system in which the FRR is turned into a permanent “public pension fund” (Fonds de Pension Public: FPP). The FPP contribution might raise the replacement rates substantially from 2050 on. However, the transition is long and risky owing to the significant probability of a lower replacement rate in the multi-pillar system in the first 30 years.
Cet article évalue la contribution nette de l'immigration aux finances publiques en France depuis... more Cet article évalue la contribution nette de l'immigration aux finances publiques en France depuis la fin des années 70. Nous développons une méthode comptable qui désagrège le déficit public primaire entre la contribution propre à la population des immigrés et celle des natifs. Cette contribution nette est calculée comme la différence entre les taxes, cotisations et impôts divers qu'ils versent aux finances publiques et l'ensemble des bénéfices qu'ils en retirent. Un des apports de cet article est de calculer cette contribution nette sur une période de temps relativement longue . Nous montrons que la contribution nette des immigrés a généralement été négative sur l'ensemble de la période, mais qu'elle n'a jamais été à l'origine du déficit primaire de la France. Leur contribution est toujours restée contenue en deçà de ±0, 5% du PIB (réduit à ±0, 2%, si on fait exception de l'année 2011). Cette relative neutralité de la population immigrée sur les comptes publics s'explique par une structure démographique favorable, qui compense leur moindre contribution nette individuelle. La crise de 2008, comparée à la récession des années 90, a eu des effets plus marqués. Alors que les immigrés expliquent 8,3% du déficit primaire par habitant en France en 1995 (comparable à leur poids dans la population totale), cette part est de plus de 17% en 2011. Cette différence s'explique en grande partie par le fait que les actifs immigrés ont été beaucoup plus touchés que les actifs natifs durant la crise de 2008, en particulier les moyennement et hautement qualifiés. Les années 2000 ont également vue la contribution nette par tête des immigrés originaires de l'Union Européenne se dégrader sensiblement et rejoindre celle des immigrés originaires de pays tiers.
La guerre en Ukraine bouleverse la scène énergétique européenne et sa relation de dépendance à la... more La guerre en Ukraine bouleverse la scène énergétique européenne et sa relation de dépendance à la Russie. Cet article analyse les enjeux et défis, pour l'Europe, du conflit russo-ukrainien sur le marché gazier. Il met d'abord en évidence l'évolution et l'ampleur de la dépendance des économies européennes au gaz russe et en discute les impacts économiques qui se sont manifestés dès le début des hostilités. Il décrit ensuite les différentes réponses mises en oeuvre en Europe pour s'émanciper de cette dépendance. Enfin, il discute quelques angles morts des décisions européennes et esquisse diverses pistes pour les dépasser.
HAL (Le Centre pour la Communication Scientifique Directe), Dec 1, 2018
2. Les données des enquêtes Budget de famille permettent de différencier, depuis 2001, deux sous-... more 2. Les données des enquêtes Budget de famille permettent de différencier, depuis 2001, deux sous-populations parmi les immigrés, ceux originaires d'un autre pays de l'UE et ceux issus d'un pays tiers.
In France, a substantial share of public financial transfers takes the form of collective support... more In France, a substantial share of public financial transfers takes the form of collective support for individuals affected by events in their private and working life which entail new needs or a drop in income. Conversely, private transfers, from parents to children in this case, are often viewed as a uniform whole which does not respond mechanically to well-identified needs and which depends on the generosity of the givers.
In this paper, we expose the results of a voting experiment realized in 2007, during the French P... more In this paper, we expose the results of a voting experiment realized in 2007, during the French Presidential election. This experiment aimed at confronting the single transferable vote (STV) procedure with two criteria: simplicity and the selection of a Condorcet-winner. Building on our electoral sample’s preferences, we show that this voting procedure can design a different winner, depending on the vote counting process. With the vote counting process advocated by Hare, the winner is Nicolas Sarkozy, while the Coombs vote counting process has Francois Bayrou as winner. For these two vote counting processes, the details of the experiment are the same and it is shown that the simplicity criterion is respected. However, with regard to the Condorcet-winner criterion, the Coombs method is the only one to elect the Condorcet-winner, i.e., Francois Bayrou.
This paper develops a continuous time model of endogenous growth based on innovations in consumpt... more This paper develops a continuous time model of endogenous growth based on innovations in consumption goods. The model considers two types of goods, standard goods (whose production and consumption lead to pollution), and green goods (which have no effect on the environment). In addition to consumers' taste for diversity, a parameter indicating consumers' preference for green goods is introduced. The
This paper examines the relationship between offshoring activity by U.S. multinational firms and ... more This paper examines the relationship between offshoring activity by U.S. multinational firms and the structure of U.S trade preferences. We combine firm level panel data on U.S. foreign affiliate activity from the U.S. Bureau of Economic Analysis (BEA) with detailed measures of U.S. trade preferences from the U.S. International Trade Commission (USITC) to create a three-way panel that spans 80 industries, 184 countries, and ten years (1997-2006). Consistent with existing theory, we find that offshoring multinational activity and preferential market access are positively and consistently correlated, both in the pooled sample and within countries, industries, and years. Using both instrumental variables and simultaneous equations approaches to address the likely endogeneity of export-oriented foreign investment, we find that each $1 billion in U.S. foreign affiliate exports to the U.S. from a particular industry and country is associated with roughly a 3.5 percentage point increase in the rate of preferential duty free access. Restricting attention to the Generalized System of Preferences (GSP), the dollar-for-dollar influence of multinational affiliate sales on preferential market access declines by roughly a third for the overall sample, but rises by more than an order of magnitude when we restrict attention to potentially GSP eligible countries.
[eng] We use a model based on the latest forecasts by the French Retirement Advisory Council (Con... more [eng] We use a model based on the latest forecasts by the French Retirement Advisory Council (Conseil d’Orientation des Retraites : COR) at the moment when the study was carried out and a Bootstrap simulation of the rate of return on the financial portfolio of the French Pension Reserve Fund (Fonds de Reserve pour les Retraites : FRR). Our results indicate that the FRR will cover at most 24 % of the expected deficit in 2020 and 14.9 % in 2040. We also explore the benefits and risks of a multipillar pension system in which the FRR is turned into a permanent “ public pension fund ” (Fonds de Pension Public : FPP). The FPP contribution might raise the replacement rates substantially from 2050 on. However, the transition is long and risky owing to the significant probability of a lower replacement rate in the multipillar system in the first 30 years. [fre] A partir d’une maquette calee sur les dernieres previsions du Conseil d’orientation des retraites disponibles au moment de l’etude et d’une simulation de type Bootstrap des rendements du portefeuille d’actifs detenu par le Fonds de reserves des retraites (FRR), nous montrons que sa contribution couvrira tout au plus 24 % des besoins de financement des retraites en 2020 et 14,9 % en 2040. Nous explorons egalement les gains et les risques d’un systeme multipilier ou le FRR s’est transforme en Fonds de pension public permanent (FPP). Le complement de retraite offert par ce FPP permettrait d’accroitre sensiblement - a partir de 2050 - les taux de remplacements. Le risque que le systeme multipilier fasse moins bien que la repartition est tres fort dans les 30 premieres annees et devient residuel autour de 2060.
This paper analyzes the determinants of the choice of location of international students. Buildin... more This paper analyzes the determinants of the choice of location of international students. Building on the documented trends in international migration of students, we develop a small theoretical model allowing to identify the various factors associated to the attraction of migrants as well as the costs of moving abroad. Using new data capturing the number of students from a large set of origin countries studying in a set of 13 OECD countries, we assess the importance of the various factors identified in the theory. We find support for a significant network effect in the migration of students, a result so far undocumented in the literature. We also find a significant role for cost factors such as housing prices and for attractiveness variables such as the reported quality of universities. In contrast, we do not find an important role for registration fees (reverse causality, signal of quality, covered by grants).
This paper analyzes the determinants of the choice of location of international students. Buildin... more This paper analyzes the determinants of the choice of location of international students. Building on the documented trends in international migration of students, we develop a small theoretical model allowing to identify the various factors associated to the attraction of migrants as well as the costs of moving abroad. Using new data capturing the number of students from a large set of origin countries studying in a set of 13 OECD countries, we assess the importance of the various factors identified in the theory. We find support for a significant network effect in the migration of students, a result so far undocumented in the literature. We also find a significant role for cost factors such as housing prices and for attractiveness variables such as the reported quality of universities. In contrast, we do not find an important role for registration fees (reverse causality, signal of quality, covered by grants).
In this paper, we study general polynomial discretizations in backward and forward looking, and t... more In this paper, we study general polynomial discretizations in backward and forward looking, and the preservation of stability properties. We apply these results to the Ramsey model [1]. Its discrete-time version is a hybrid discretizations of a backward-looking budget constraint and a forward-looking Euler equation. Saddle-path stability is a robust property under discretization.
In this paper, we study general polynomial discretizations in backward and forward looking, and t... more In this paper, we study general polynomial discretizations in backward and forward looking, and the preservation of stability properties. We apply these results to the Ramsey model [1]. Its discrete-time version is a hybrid discretizations of a backward-looking budget constraint and a forward-looking Euler equation. Saddle-path stability is a robust property under discretization.
In this paper, we show how to recover discrete-time models from their continuous-time versions th... more In this paper, we show how to recover discrete-time models from their continuous-time versions through Euler discretizations. In the first part, we introduce general polynomial discretizations in backward and forward looking and we study the preservation of stability properties and local bifurcations under different discretizations. In the second part, we apply these results to popular growth models. We show how to reconcile the traditional Solow models in discrete and continuous time through a backward-looking discretization. Discrete-time models of endogenous saving, such as Ramsey (1928), need hybrid discretizations of the continuous-time model because of the forward-looking nature of the Euler equation. The introduction of externalities allows us to illustrate the preservation of stability properties and local bifurcations.
On the one hand, the adoption of polluting technologies can enhance the factor productivity; on t... more On the one hand, the adoption of polluting technologies can enhance the factor productivity; on the other hand, pollution lowers the stock of human capital by weakening physical and mental performances, and shortening the life expectancy at the end. To capture the impact of pollution on economic growth, we compute the optimal policy in an endogenous growth model à la and we study the effects of pollution in the short and the long run.
HAL (Le Centre pour la Communication Scientifique Directe), Oct 1, 2016
The question of whether migration can serve as a channel for regional adjustment to asymmetric sh... more The question of whether migration can serve as a channel for regional adjustment to asymmetric shocks is crucial in an economic and monetary union. It is of particular interest within the Eurozone where countries do not have flexible exchange rates as an adjustment mechanism. By moving from countries with high unemployment to countries with better employment prospects, intra-European migrants should help countries to adjust to asymmetric shocks and lead to a more efficient allocation of resources within the free migration regime. This policy brief exploits the 2008 economic crisis to investigate how labor market disparities between EU15 countries affected intra-European migration. Our main contributions are threefold. First, over the period 2000-2013, we find that intra-European migration indeed responds to regional differences in employment conditions: a rise in unemployment differences between two EU15 countries fosters migration to the country with the better employment conditions. Second, we find that the 2008 economic crisis led to a strong reallocation of individuals within the EU15 between the southern countries (Greece, Italy, Portugal and Spain) which were the most affected by the crisis and the least affected countries, such as Denmark and the UK. Third, our results indicate that responsiveness to regional employment disparities is far greater among non-EU15 immigrants, compared to European-born people. This finding suggests that the mobility of Europeans within the EU15 could be greater, a hypothesis that is consistent with the higher mobility observed in the United States. Improving crosscountry portability of social rights within the EU could thus be a relevant reform to foster intra-EU mobility.
The following queries have arisen during the typesetting of your manuscript. Please click on each... more The following queries have arisen during the typesetting of your manuscript. Please click on each query number and respond by indicating the change required within the text of the article. If no change is needed please add a note saying ''No change.'' AQ1: Please check that all names have been spelled correctly and appear in the correct order. Please also check that all initials are present. Please check that the author surnames (family name) have been correctly identified by a pink background. If this is incorrect, please identify the full surname of the relevant authors. Occasionally, the distinction between surnames and forenames can be ambiguous, and this is to ensure that the authors' full surnames and forenames are tagged correctly, for accurate indexing online. Please also check all author affiliations.
We use a model based on the latest forecasts by the French Retirement Advisory Council (Conseil d... more We use a model based on the latest forecasts by the French Retirement Advisory Council (Conseil d’Orientation des Retraites: COR) at the moment when the study was carried out and a Bootstrap simulation of the rate of return on the financial portfolio of the French Pension Reserve Fund (Fonds de Reserve pour les Retraites: FRR). Our results indicate that the FRR will cover at most 24% of the expected deficit in 2020 and 14.9% in 2040. We also explore the benefits and risks of a multi-pillar pension system in which the FRR is turned into a permanent “public pension fund” (Fonds de Pension Public: FPP). The FPP contribution might raise the replacement rates substantially from 2050 on. However, the transition is long and risky owing to the significant probability of a lower replacement rate in the multi-pillar system in the first 30 years.
Cet article évalue la contribution nette de l'immigration aux finances publiques en France depuis... more Cet article évalue la contribution nette de l'immigration aux finances publiques en France depuis la fin des années 70. Nous développons une méthode comptable qui désagrège le déficit public primaire entre la contribution propre à la population des immigrés et celle des natifs. Cette contribution nette est calculée comme la différence entre les taxes, cotisations et impôts divers qu'ils versent aux finances publiques et l'ensemble des bénéfices qu'ils en retirent. Un des apports de cet article est de calculer cette contribution nette sur une période de temps relativement longue . Nous montrons que la contribution nette des immigrés a généralement été négative sur l'ensemble de la période, mais qu'elle n'a jamais été à l'origine du déficit primaire de la France. Leur contribution est toujours restée contenue en deçà de ±0, 5% du PIB (réduit à ±0, 2%, si on fait exception de l'année 2011). Cette relative neutralité de la population immigrée sur les comptes publics s'explique par une structure démographique favorable, qui compense leur moindre contribution nette individuelle. La crise de 2008, comparée à la récession des années 90, a eu des effets plus marqués. Alors que les immigrés expliquent 8,3% du déficit primaire par habitant en France en 1995 (comparable à leur poids dans la population totale), cette part est de plus de 17% en 2011. Cette différence s'explique en grande partie par le fait que les actifs immigrés ont été beaucoup plus touchés que les actifs natifs durant la crise de 2008, en particulier les moyennement et hautement qualifiés. Les années 2000 ont également vue la contribution nette par tête des immigrés originaires de l'Union Européenne se dégrader sensiblement et rejoindre celle des immigrés originaires de pays tiers.
La guerre en Ukraine bouleverse la scène énergétique européenne et sa relation de dépendance à la... more La guerre en Ukraine bouleverse la scène énergétique européenne et sa relation de dépendance à la Russie. Cet article analyse les enjeux et défis, pour l'Europe, du conflit russo-ukrainien sur le marché gazier. Il met d'abord en évidence l'évolution et l'ampleur de la dépendance des économies européennes au gaz russe et en discute les impacts économiques qui se sont manifestés dès le début des hostilités. Il décrit ensuite les différentes réponses mises en oeuvre en Europe pour s'émanciper de cette dépendance. Enfin, il discute quelques angles morts des décisions européennes et esquisse diverses pistes pour les dépasser.
HAL (Le Centre pour la Communication Scientifique Directe), Dec 1, 2018
2. Les données des enquêtes Budget de famille permettent de différencier, depuis 2001, deux sous-... more 2. Les données des enquêtes Budget de famille permettent de différencier, depuis 2001, deux sous-populations parmi les immigrés, ceux originaires d'un autre pays de l'UE et ceux issus d'un pays tiers.
In France, a substantial share of public financial transfers takes the form of collective support... more In France, a substantial share of public financial transfers takes the form of collective support for individuals affected by events in their private and working life which entail new needs or a drop in income. Conversely, private transfers, from parents to children in this case, are often viewed as a uniform whole which does not respond mechanically to well-identified needs and which depends on the generosity of the givers.
In this paper, we expose the results of a voting experiment realized in 2007, during the French P... more In this paper, we expose the results of a voting experiment realized in 2007, during the French Presidential election. This experiment aimed at confronting the single transferable vote (STV) procedure with two criteria: simplicity and the selection of a Condorcet-winner. Building on our electoral sample’s preferences, we show that this voting procedure can design a different winner, depending on the vote counting process. With the vote counting process advocated by Hare, the winner is Nicolas Sarkozy, while the Coombs vote counting process has Francois Bayrou as winner. For these two vote counting processes, the details of the experiment are the same and it is shown that the simplicity criterion is respected. However, with regard to the Condorcet-winner criterion, the Coombs method is the only one to elect the Condorcet-winner, i.e., Francois Bayrou.
This paper develops a continuous time model of endogenous growth based on innovations in consumpt... more This paper develops a continuous time model of endogenous growth based on innovations in consumption goods. The model considers two types of goods, standard goods (whose production and consumption lead to pollution), and green goods (which have no effect on the environment). In addition to consumers' taste for diversity, a parameter indicating consumers' preference for green goods is introduced. The
This paper examines the relationship between offshoring activity by U.S. multinational firms and ... more This paper examines the relationship between offshoring activity by U.S. multinational firms and the structure of U.S trade preferences. We combine firm level panel data on U.S. foreign affiliate activity from the U.S. Bureau of Economic Analysis (BEA) with detailed measures of U.S. trade preferences from the U.S. International Trade Commission (USITC) to create a three-way panel that spans 80 industries, 184 countries, and ten years (1997-2006). Consistent with existing theory, we find that offshoring multinational activity and preferential market access are positively and consistently correlated, both in the pooled sample and within countries, industries, and years. Using both instrumental variables and simultaneous equations approaches to address the likely endogeneity of export-oriented foreign investment, we find that each $1 billion in U.S. foreign affiliate exports to the U.S. from a particular industry and country is associated with roughly a 3.5 percentage point increase in the rate of preferential duty free access. Restricting attention to the Generalized System of Preferences (GSP), the dollar-for-dollar influence of multinational affiliate sales on preferential market access declines by roughly a third for the overall sample, but rises by more than an order of magnitude when we restrict attention to potentially GSP eligible countries.
[eng] We use a model based on the latest forecasts by the French Retirement Advisory Council (Con... more [eng] We use a model based on the latest forecasts by the French Retirement Advisory Council (Conseil d’Orientation des Retraites : COR) at the moment when the study was carried out and a Bootstrap simulation of the rate of return on the financial portfolio of the French Pension Reserve Fund (Fonds de Reserve pour les Retraites : FRR). Our results indicate that the FRR will cover at most 24 % of the expected deficit in 2020 and 14.9 % in 2040. We also explore the benefits and risks of a multipillar pension system in which the FRR is turned into a permanent “ public pension fund ” (Fonds de Pension Public : FPP). The FPP contribution might raise the replacement rates substantially from 2050 on. However, the transition is long and risky owing to the significant probability of a lower replacement rate in the multipillar system in the first 30 years. [fre] A partir d’une maquette calee sur les dernieres previsions du Conseil d’orientation des retraites disponibles au moment de l’etude et d’une simulation de type Bootstrap des rendements du portefeuille d’actifs detenu par le Fonds de reserves des retraites (FRR), nous montrons que sa contribution couvrira tout au plus 24 % des besoins de financement des retraites en 2020 et 14,9 % en 2040. Nous explorons egalement les gains et les risques d’un systeme multipilier ou le FRR s’est transforme en Fonds de pension public permanent (FPP). Le complement de retraite offert par ce FPP permettrait d’accroitre sensiblement - a partir de 2050 - les taux de remplacements. Le risque que le systeme multipilier fasse moins bien que la repartition est tres fort dans les 30 premieres annees et devient residuel autour de 2060.
Uploads
Papers by Lionel RAGOT