Differential Mortality And The Design Of The Italian System Of Public Pensions
AbstractThis paper considers the issue of actuarial fairness of the new Italian public pension system in view of the recent trends in old-age mortality and the survival differences by gender, birth cohort and region of residence.3 Section 2 reviews the secular trends in elderly mortality in Italy, separately for men and women, and draws some implications for long-run demographic projections. It also considers regional differences in survival and their evolution over the last three decades. Section 3 evaluates the impact, on the conversion factors introduced by the Dini reform, of a further decline in elderly mortality over the next few decades, focusing on the period when the reform will be fully phased in. It also computes the conversion factors using a close approximation to the unknown formula employed in the Dini reform but allowing for gender- and region-specific survival probabilities. The distance between the original conversion factors and those obtained by allowing for differential survival across socio-demographic groups provides a quantitative assessment of the implicit redistributive impacts of the reform. Finally, Section 4 offers some conclusions.
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Bibliographic InfoPaper provided by CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY in its series CHILD Working Papers with number wp07_02.
Length: 34 pages
Date of creation: Jan 2002
Date of revision:
differential mortality; italian system public pension;
Other versions of this item:
- Graziella Caselli & Franco Peracchi & Elisabetta Barbi & Rosa Maria Lipsi, 2003. "Differential Mortality and the Design of the Italian System of Public Pensions," LABOUR, CEIS, vol. 17(SpecialIs), pages 45-78, 08.
- C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
- D10 - Microeconomics - - Household Behavior - - - General
- J10 - Labor and Demographic Economics - - Demographic Economics - - - General
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- Agar Brugiavini & Franco Peracchi, 2010.
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- Mazzaferro, Carlo & Morciano, Marcello & Savegnago, Marco, 2012.
"Differential mortality and redistribution in the Italian notional defined contribution system,"
Journal of Pension Economics and Finance,
Cambridge University Press, vol. 11(04), pages 500-530, October.
- Carlo Mazzaferro & Marco Savegnago, 2008. "Differential Mortality and Redistribution in the Italian Notional Defined Contribution System," Center for the Analysis of Public Policies (CAPP) 0047, Universita di Modena e Reggio Emilia, Dipartimento di Economia Politica.
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