Differential Mortality and the Design of the Italian System of Public Pensions
AbstractThis paper considers the issue of actuarial fairness of the new Italian public pension system in view of the recent trends in old-age mortality and the survival differences by gender, birth cohort and region of residence.3 Section 2 reviews the secular trends in elderly mortality in Italy, separately for men and women, and draws some implications for long-run demographic projections. It also considers regional differences in survival and their evolution over the last three decades. Section 3 evaluates the impact, on the conversion factors introduced by the Dini reform, of a further decline in elderly mortality over the next few decades, focusing on the period when the reform will be fully phased in. It also computes the conversion factors using a close approximation to the unknown formula employed in the Dini reform but allowing for gender- and region-specific survival probabilities. The distance between the original conversion factors and those obtained by allowing for differential survival across socio-demographic groups provides a quantitative assessment of the implicit redistributive impacts of the reform. Finally, Section 4 offers some conclusions.
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Bibliographic InfoArticle provided by CEIS in its journal Labour.
Volume (Year): 17 (2003)
Issue (Month): SpecialIssue (08)
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Other versions of this item:
- Graziella Caselli & Franco Peracchi & Elisabetta Barbi & Rosa Maria Lipsi, 2002. "Differential Mortality And The Design Of The Italian System Of Public Pensions," CHILD Working Papers wp07_02, CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY.
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
- D10 - Microeconomics - - Household Behavior - - - General
- J10 - Labor and Demographic Economics - - Demographic Economics - - - General
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- Agar Brugiavini & Franco Peracchi, 2008.
"Youth Unemployment and Retirement of the Elderly: the Case of Italy,"
2008_45, Department of Economics, University of Venice "Ca' Foscari".
- Agar Brugiavini & Franco Peracchi, 2010. "Youth Unemployment and Retirement of the Elderly: The Case of Italy," NBER Chapters, in: Social Security Programs and Retirement around the World: The Relationship to Youth Employment, pages 167-215 National Bureau of Economic Research, Inc.
- Mazzaferro, Carlo & Morciano, Marcello & Savegnago, Marco, 2012.
"Differential mortality and redistribution in the Italian notional defined contribution system,"
Journal of Pension Economics and Finance,
Cambridge University Press, vol. 11(04), pages 500-530, October.
- Carlo Mazzaferro & Marco Savegnago, 2008. "Differential Mortality and Redistribution in the Italian Notional Defined Contribution System," Center for the Analysis of Public Policies (CAPP) 0047, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
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