Advanced Search
MyIDEAS: Login

Personal Saving and Social Security in Italy: Fresh Evidence from a Time Series Analysis

Contents:

Author Info

  • Francesco Zollino

    ()
    (Banca d'Italia)

Registered author(s):

    Abstract

    The paper provides an econometric analysis of the aggregate saving function of Italian households in the vein of the life cycle theory. Results from an ECM representation based on yearly data for 1951-1998 point to depressive effects on private consumption of recent reforms of social security, actual and expected for next few years. In order to compensate for both reductions in actual pension payments and increased uncertainty about their future claims, households stepped up accumulation of real and financial assets since the beginning of the nineties. First estimates of capital gains do not show a significant impact on consumption demand, in the short and in the long period: their high volatility has likely hindered a fair assessment of their contribution to personal purchasing power on the part of households. Demographic changes, while in the long run not seemingly determined in conjunction with the economic variables we consider, turn out to play a significant role in the evolution of consumption demand.

    Download Info

    If 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.
    File URL: http://www.bancaditalia.it/pubblicazioni/econo/temidi/td01/td417_01/td417/Tema_417_01.pdf
    Download Restriction: no

    Bibliographic Info

    Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Temi di discussione (Economic working papers) with number 417.

    as in new window
    Length:
    Date of creation: Aug 2001
    Date of revision:
    Handle: RePEc:bdi:wptemi:td_417_01

    Contact details of provider:
    Postal: Via Nazionale, 91 - 00184 Roma
    Web page: http://www.bancaditalia.it
    More information through EDIRC

    Related research

    Keywords: life cycle; saving; pension wealth; capital gains; demographic changes;

    Find related papers by JEL classification:

    References

    No references listed on IDEAS
    You can help add them by filling out this form.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as in new window

    Cited by:
    1. Luigi, Cannnari & Giovanni, D'Alessio & Romina, Gambacorta, 2008. "Capital Gains and Wealth Distribution in Italy," MPRA Paper 15108, University Library of Munich, Germany.
      • Luigi Cannari & Giovanni D'Alessio & Romina Gambacorta, 2007. "Capital gains and wealth distribution in Italy," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Proceedings of the IFC Conference on "Measuring the financial position of the household sector", Basel, 30-31 August 2006 - Volume 2, volume 26, pages 129-156 Bank for International Settlements.

    Lists

    This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

    Statistics

    Access and download statistics

    Corrections

    When requesting a correction, please mention this item's handle: RePEc:bdi:wptemi:td_417_01. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If references are entirely missing, you can add them using this form.

    If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.