Fiscal Implications of Pension Reforms in Italy
In: Social Security Programs and Retirement around the World: Fiscal Implications of Reform
AbstractIn this paper, we contribute to the current debate on the Italian pension system by analyzing the impact of social security reforms, in terms of both budgetary implications and distributional effects. This is done by simulating the effects of three hypothetical reforms, plus the effects of the 1995- reform of the Italian pension system (the so-called Dini reform). Our approach relies on the use of a semi-structural econometric model to predict retirement probabilities under different policy scenarios, so as to properly take into account the behavioral effects of the reforms. On the basis of the estimated retirement model, we develop a complete accounting exercise which includes not only changes in gross future benefits due to policy changes, but also changes in social security contributions, income taxes and value added taxes. Thus, our results provide not only estimates of the workersâ gains or losses, but also an exhaustive evaluation of the gains and losses for the government budget. We find that the reforms, particularly the Dini reform (once fully phased in), have a substantial impact on individualsâ retirement decisions and their net social security wealth, as well as substantial gains for the government finances.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
This chapter was published in:
This item is provided by National Bureau of Economic Research, Inc in its series NBER Chapters with number 0056.
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Other versions of this item:
- Agar Brugiavini & Franco Peracchi, 2005. "Fiscal Implications of Pension Reforms in Italy," CEIS Research Paper 67, Tor Vergata University, CEIS.
- Agar Brugiavini & Franco Peracchi, 2008. "Fiscal Implications of Pension Reforms in Italy," Working Papers 2008_30, Department of Economics, University of Venice "Ca' Foscari".
- H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
- J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Agar Brugiavini & Franco Peracchi & David A. Wise, 2003.
"Pensions and Retirement Incentives. A Tale of Three Countries: Italy, Spain and the USA,"
CEIS Research Paper
6, Tor Vergata University, CEIS.
- Agar Brugiavini & Franco Peracchi & David A. Wise, 2002. "Pensions and Retirement Incentives. A Tale of Three Countries: Italy, Spain and the USA," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 61(2), pages 131-169, December.
- Giuseppe Carone, 2005.
"Long-term labour force projections for the 25 EU Member States: A set of data for assessing the economic impact of ageing,"
European Economy - Economic Papers
235, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
- Giuseppe Carone, 2005. "Long-Term Labour Force Projections for the 25 EU Member States:A set of data for assessing the economic impact of ageing," Labor and Demography 0512006, EconWPA.
- Belloni, Michele & Alessie, Rob, 2009.
"The importance of financial incentives on retirement choices: New evidence for Italy,"
Elsevier, vol. 16(5), pages 578-588, October.
- M. Belloni & R. Alessie, 2008. "The Importance of Financial Incentives on Retirement Choices: New Evidence for Italy," Working Papers 08-10, Utrecht School of Economics.
- Carlos Vidal-Meliá & Inmaculada Domínguez-Fabián & María del Carmen Boado-Penas, . "Notional Defined Contribution Accounts (NDCs): Solvency and Risk; Application to the Case of Spain," Studies on the Spanish Economy 226, FEDEA.
- Agar Brugiavini & Franco Peracchi, 2010.
"Youth Unemployment and Retirement of the Elderly: The Case of Italy,"
in: Social Security Programs and Retirement around the World: The Relationship to Youth Employment, pages 167-215
National Bureau of Economic Research, Inc.
- Agar Brugiavini & Franco Peracchi, 2008. "Youth Unemployment and Retirement of the Elderly: the Case of Italy," Working Papers 2008_45, Department of Economics, University of Venice "Ca' Foscari".
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.