Toshihiro Ihori is Professor of Economics at the University of Tokyo. His previous publications include Public Finance in an Overlapping Generations Economy, Macmillan Press, 1996, and (in Japanese) Right Ideas on Government Deficit, Toyo-Keizai, 2000.Toshiaki Tachibanaki is Professor of Economics at the University of Kyoto. His previous publications include Public Policies and Japanese Economy, Macmillan Press, 1996, and Wage Determination and Distribution in Japan, Oxford University Press, 1996.

• 1. Toshihiro Ihori and Toshiaki Tachibanaki Introduction 2. Olivia S. Mitchell Managing Pensions in the Twenty-First Century: Global Lessons and Implications for Japan 3. Mats Persson Five Fallacies in the Social Security Debate 4. Gary Burtless Social Security Privatization and Financial Market Risk: Lessons from U.S Financial History 5. Hazel Bateman, Suzanne Doyle and John Piggott Private Mandatory Retirement Provision: Design and Implementation Challenges 6. Tatsuo Hatta and Noriyoshi Oguchi Actuarially Fair: A Simulation Analysis 7. Akira Okamoto and Toshiaki Tachibanaki Integration of Tax and Social Security Systems: On the Financing Methods of a Public Pension Scheme in Pay-as-You-Go System 8. Ashwin Kumar Pension Reform in the UK: from Contribution to Participation 9. Kai A. Konrad and Gert G. Wagner Reform of the Public Pension System in Germany 10. Fredrik Haugen, Erik Hernaes and Steinar Strom Pension Systems and Labour Force Participation in the Nordic Countries 11. Hideki Konishi Public Pension Reform and Welfare in an Economy with Adverse Selection 12. Toshihiro Ihori Pensions Contributions and Capital Accumulation Under Modified Funded System