This book is a collection of papers by leading scholars whose research concerns economic transfers between generations. The issues addressed have great relevance to demographic issues, particularly the determination of fertility; to economic issues, including equity and growth; and to public policy, especially social security reform. It focuses on intergenerational features of the macroeconomy – how the magnitude and direction of intergenerational transfers influence demographic behavior, the distribution of income, and the accumulation of wealth. Studies consider the role of the state as a provider of economic security for the elderly, drawing on international experience to discuss many of the issues that must be confronted if efforts to reform public pension programs are to be successful. Finally, it considers the intergenerational behavior of the family, examining competing theories in both industrialized and developing country settings to consider how demographic change, the development of financial institutions, public policy, and other economic forces influence the amount, form, and timing of intergenerational transfers.

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