Family economics: Fertility rate and the pension motive

This work focuses on importance of pension motive for havin children in developed countries. It starts with discussion of conditions, under which old age security hypothesis is likely to hold. It continues with overview of demographic trends in selected developed countries and stresses the negative impact of long term fertility decline on pension systems sustainability and performance. In the next part of this thesis we use cluster analysis to compare pension systems in developed countries and the way developed countries deal with lack of human capital. Special attention is paid to comparison of Scandinavian social welfare state model with Southern European welfare state model and with group of three Asian Tigers. Keywords: fertility, pension systems, family economic