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The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy

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  • Sergio Cesaratto

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Abstract

The controversial saving-investment relationship is central to macroeconomics, but in this capacity – perhaps less evidently – it is also central to the macroeconomics of pension reforms. Bearing this in mind, in this paper we shall review the main issues concerning these reforms and examine the recent attempt to enlarge the fully funded component of the pension system in Italy by employing the resources accumulated by firms on behalf of workers within the ‘Trattamento di Fine Rapporto’ scheme (a sort of severance pay scheme).

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Paper provided by Department of Economics, University of Siena in its series Department of Economics University of Siena with number 549.

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Date of creation: Dec 2008
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Handle: RePEc:usi:wpaper:549

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  1. Nicholas Barr & Peter Diamond, 2006. "The Economics of Pensions," Oxford Review of Economic Policy, Oxford University Press, vol. 22(1), pages 15-39, Spring.
  2. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, 9.
  3. Holzmann, Robert, 1998. "Financing the transition to multipillar," Social Protection Discussion Papers 20052, The World Bank.
  4. Thomas R. Michl & Duncan K. Foley, 2001. "Social Security in a Classical Growth Model," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2000-15, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
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  6. Dalziel, Paul C & Harcourt, Geoffrey C, 1997. "A Note on 'Mr. Meade's Relation' and International Capital Movements," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 21(5), pages 621-31, September.
  7. Cesaratto Sergio, 2001. "Le deboli fondamenta del secondo pilastro pensionistico: note sul contributo di Forni e Giordano," Politica economica, Società editrice il Mulino, issue 3, pages 359-366.
  8. Sergio Cesaratto, 2006. "Pensions in an ageing society: a symposium," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 18(3), pages 295-299.
  9. Neri Salvadori, 2004. "Economic growth and distribution: on the nature and causes of the wealth of nations," Economics Bulletin, AccessEcon, vol. 28(18), pages A0.
  10. Sergio Cesaratto, 2001. "Aspetti macroeconomici del passaggio alla capitalizzazione: considerazioni non ortodosse sulla riforma pensionistica," Rivista di Politica Economica, SIPI Spa, SIPI Spa, vol. 91(5), pages 33-82, June.
  11. Sergio Cesaratto, 2006. "A reply to Michl," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 30(6), pages 985-987, November.
  12. Sergio Cesaratto, 2007. "Are PAYG and FF Pension Schemes Equivalent Systems? Macroeconomic Considerations in the Light of Alternative Economic Theories," Review of Political Economy, Taylor & Francis Journals, Taylor & Francis Journals, vol. 19(4), pages 449-473.
  13. Garegnani, P, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 37(3), pages 407-36, July.
  14. Antonella Palumbo & Attilio Trezzini, 2003. "Growth without normal capacity utilization," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(1), pages 109-135.
  15. Phil Agulnik & Julian Le Grand, 1998. "Tax relief and partnership pensions," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 403-428, November.
  16. Riccardo Cesari & Giuseppe Grande & Fabio Panetta, 2007. "La Previdenza Complementare in Italia: Caratteristiche, Sviluppo e Opportunità per i Lavoratori," CeRP Working Papers 60, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  17. Sergio Cesaratto, 2006. "Transition to fully funded pension schemes: a non-orthodox criticism," Cambridge Journal of Economics, Oxford University Press, Oxford University Press, vol. 30(1), pages 33-48, January.
  18. Felice Roberto Pizzuti, 1998. "Pension Reform and Economic Policy Constraints in Italy," LABOUR, CEIS, CEIS, vol. 12(1), pages 45-66, 03.
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Cited by:
  1. Holzmann, Robert & Pouget, Yann & Vodopivec, Milan & Weber, Michael, 2011. "Severance Pay Programs around the World: History, Rationale, Status, and Reforms," IZA Discussion Papers 5731, Institute for the Study of Labor (IZA).

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