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Pension Reform and Economic Policy Constraints in Italy

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Author Info
Felice Roberto Pizzuti
Abstract

The reforms of the Italian pension system approved by Parliament at the end of 1992 and in the summer of 1995 have been strongly conditioned by two goals of general economic policy: the re-equilibrium of the government budget and a new approach in the relationship between state and market. In this paper the author examines the main aspects of those reforms, analysing the consequences on the pension system of pursuing the general aims of economic policy. In particular, after having noticed the positive modifications, three criticisms are pointed out. (1) The extension of the private and funded component of old-age insurance, apart from its negative effect on the efficiency of the entire pension system, implies subsidizing above-average incomes at the expense of the lower ones. (2) The abolition of the link between real wages and pensions decided by the reforms implies a cut in the intergenerational contract which is dangerous from both an economic and a social point of view. (3) The political context has influenced some relevant technical aspects of the new pension system, causing some inconsistencies on operational grounds. Copyright Fondazione Giacomo Brodolini and Blackwell Publishers Ltd. 1998.

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Article provided by CEIS, Fondazione Giacomo Brodolini and Blackwell Publishing Ltd in its journal Labour.

Volume (Year): 12 (1998)
Issue (Month): 1 (03)
Pages: 45-66
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Handle: RePEc:bla:labour:v:12:y:1998:i:1:p:45-66

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  1. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena. [Downloadable!]
  2. Marcello D'Amato & Vincenzo Galasso, 2002. "E' la Riforma Dini Politicamente Sostenibile?," CELPE Discussion Papers 64, CELPE (Centre of Labour Economics and Economic Policy), University of Salerno, Italy. [Downloadable!]
  3. D'Amato, Marcello & Galasso, Vincenzo, 2002. "Assessing the Political Sustainability of Parametric Social Security Reforms: The Case of Italy," CEPR Discussion Papers 3439, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  4. John B. Williamson & Matthew Williams, 2004. "The Notional Defined Contribution Model: An Assessment Of The Strengths And Limitations Of A New Approach To The Provision Of Old Age Security," Working Papers, Center for Retirement Research at Boston College 2003-18, Center for Retirement Research. [Downloadable!]
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