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The Long-run Effects of the Italian Pension Reforms

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  • Nicola Sartor

Abstract

The paper analysesthe reforms of the Italian mandatory pension scheme for employeeslegislated in the 1990s. To assess the effects of the reforms,a microsimulation model calibrated on cross-section data is developed.The model is aimed at estimating the average income of a memberof a cohort, as well as the average per capita income of allindividuals alive in a given year. The long-run effects of thereform are analysed, comparing the characteristics of alternativefinancing schemes. A substantial improvement of the equity aswell as the long-run sustainability of the Italian public pensionschemes emerges. However, the dreary demographic scenario callsfor further tightening of eligibility rules sometime in the nextdecades if long-run sustainability of public debt is to be achieved.On the basis of sensitivity analysis, some changes aimed at hedgingthe system against unexpected shocks are suggested. Copyright Kluwer Academic Publishers 2001

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Bibliographic Info

Article provided by Springer in its journal International Tax and Public Finance.

Volume (Year): 8 (2001)
Issue (Month): 1 (January)
Pages: 83-111

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Handle: RePEc:kap:itaxpf:v:8:y:2001:i:1:p:83-111

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Web page: http://www.springerlink.com/link.asp?id=102915

Related research

Keywords: public pensions; sustainability of fiscal policy; generational accounting;

References

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  1. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts: A Meaningful Alternative to Deficit Accounting," NBER Chapters, in: Tax Policy and the Economy, Volume 5, pages 55-110 National Bureau of Economic Research, Inc.
  2. Alan Auerbach & Bruce Baker & Laurence Kotlikoff & Jan Walliser, 1997. "Generational Accounting in New Zealand: Is There Generational Balance?," International Tax and Public Finance, Springer, vol. 4(2), pages 201-228, May.
  3. Laurence J. Kotlikoff & Willi Leibfritz, 1998. "An International Comparison of Generational Accounts," NBER Working Papers 6447, National Bureau of Economic Research, Inc.
  4. Daniele Franco & Jagadeesh Gokhale & Luigi Guiso & Laurence J. Kotlikoff & Nicola Sartor, 1992. "Generational accounting: the case of Italy," Working Paper 9208, Federal Reserve Bank of Cleveland.
  5. Ando,Albert & Guiso,Luigi & Visco,Ignazio (ed.), 1994. "Saving and the Accumulation of Wealth," Cambridge Books, Cambridge University Press, number 9780521452083.
  6. Auerbach, Alan J. & Kotlikoff, Laurence J. & Leibfritz, Willi (ed.), 1999. "Generational Accounting around the World," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226032139, February.
  7. Nicola Sartor & Laurence J. Kotlikoff & Willi Leibfritz, 1999. "Generational Accounts for Italy," NBER Chapters, in: Generational Accounting around the World, pages 299-324 National Bureau of Economic Research, Inc.
  8. Sartor, Nicola, 1993. "On the Role of Budgetary Policy during Demographic Changes," Public Finance = Finances publiques, , vol. 48(Supplemen), pages 217-27.
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Citations

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Cited by:
  1. Polin, Veronica & Sartor, Nicola, 2009. "Family Intertemporal Fiscal Incidence: A new Methodology for Assessing Public Policies," MPRA Paper 25570, University Library of Munich, Germany.
  2. Alessandro Balestrino, 2012. "Kind of Black: The Musicians' Labour Market in Italy," LABOUR, CEIS, vol. 26(4), pages 472-491, December.
  3. Paolo Pertile & Veronica Polin & Pietro Rizza & Marzia Romanelli, 2012. "Public finance consolidation and fairness across living generations: the case of Italy," Working Papers 04/2012, University of Verona, Department of Economics.
  4. Devis Geron, 2009. "Social Security Incidence under Uncertainty Assessing Italian Reforms," CESifo Working Paper Series 2812, CESifo Group Munich.

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