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Dalla prudenza alla crescita. Perché e come diversificare la previdenza sociale

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  • Michele Tronconi

Abstract

This paper talks about multi-pillar pension system in Italy, focusing most on the impact of Pension Funds established by trade unions and employers associations. Minor sensitivity to demographic shocks is what makes funding appealing in respect of public pay-as-you-go scheme. Benefit comes from portfolio diversification, not only in terms of asset class but also in terms of national baskets. If Social Security is properly a local problem its solution can be a global one, because savings can be channeled into investments abroad improving the efficiency of funding. Exactly what happened in Italy in the last six years during which two thirds of the resources accumulated by our occupational Pension Funds were allocated in foreign markets. Caution was rewarded because it allowed to go trough financial turmoil. Nonetheless the strong decoupling between the origin of savings and the place of their investment had some sort of a side effect on national real economy. It operated as a pro-cyclical amplifier. The mitigation of this side effect depends on the way we will reallocate a larger part of our savings in Italian economy using special purpose instruments. Only then our Pension Funds will completely assume the financial role of institutional investors .

Suggested Citation

  • Michele Tronconi, 2014. "Dalla prudenza alla crescita. Perché e come diversificare la previdenza sociale," LIUC Papers in Economics 276, Cattaneo University (LIUC).
    • Handle: RePEc:liu:liucec:276
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    1. Nicholas Barr & Peter Diamond, 2006. "The Economics of Pensions," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 22(1), pages 15-39, Spring.
    2. Peter Diamond & Nicholas Barr, 2006. "(UBS Pensions Series 041) The Economics of Pensions," FMG Discussion Papers dp563, Financial Markets Group.
    3. Anginer, Deniz & Warburton, A. Joseph, 2010. "The Chrysler effect : the impact of the Chrysler bailout on borrowing costs," Policy Research Working Paper Series 5462, The World Bank.
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