The decline in saving rates experienced by some European countries has raised concerns about the importance of a country’s wealth accumulation, in particular in light of a more fair but less generous pension system. This paper carries out a macroeconomic analysis of the impact of pension reforms implemented in the nineties on private saving. The evidence shows no tendency for saving to change in the post-reform period, which is consistent with preliminary results on pension reforms in the eighties. We conclude that the adequacy of saving can not find a source of improvement in the pension reforms of the last decade.
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Paper provided by Center for Research on Pensions and Welfare Policies, Turin (Italy) in its series CeRP Working Papers with number
50.