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The Long-run Effects of the Italian Pension Reforms

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Author Info
Nicola Sartor

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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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File URL: http://hdl.handle.net/10.1023/A:1008745617309
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Publisher 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

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

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References listed on IDEAS
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  1. Franco, D. & Gokhale, J. & Guiso, L. & Kotlikoff, L.J. & Sartor, N., 1991. "Generational Accounting - The Case of Italy," Papers 18, Boston University - Department of Economics.
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  2. Sartor, Nicola, 1993. "On the Role of Budgetary Policy during Demographic Changes," Public Finance = Finances publiques, , vol. 48(Supplemen), pages 217-27.
  3. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts - A Meaningful Alternative to Deficit Accounting," NBER Working Papers 3589, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. 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. [Downloadable!] (restricted)
  5. 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. [Downloadable!]
  6. Laurence J. Kotlikoff & Willi Leibfritz & Willi Leibfritz, 1999. "An International Comparison of Generational Accounts," NBER Chapters, in: Generational Accounting around the World, pages 73-102 National Bureau of Economic Research, Inc. [Downloadable!]
    Other versions:
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