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The Long-run Effects of the Italian Pension Reforms

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  • Nicola Sartor

Abstract

The paper analysesthe reforms of the Italian mandatory pension scheme for employeeslegislated in the 1990s. To assess the effects of the reforms,a microsimulation model calibrated on cross-section data is developed.The model is aimed at estimating the average income of a memberof a cohort, as well as the average per capita income of allindividuals alive in a given year. The long-run effects of thereform are analysed, comparing the characteristics of alternativefinancing schemes. A substantial improvement of the equity aswell as the long-run sustainability of the Italian public pensionschemes emerges. However, the dreary demographic scenario callsfor further tightening of eligibility rules sometime in the nextdecades if long-run sustainability of public debt is to be achieved.On the basis of sensitivity analysis, some changes aimed at hedgingthe system against unexpected shocks are suggested. Copyright Kluwer Academic Publishers 2001

Suggested Citation

  • Nicola Sartor, 2001. "The Long-run Effects of the Italian Pension Reforms," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 8(1), pages 83-111, January.
  • Handle: RePEc:kap:itaxpf:v:8:y:2001:i:1:p:83-111
    DOI: 10.1023/A:1008745617309
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    File URL: http://hdl.handle.net/10.1023/A:1008745617309
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    References listed on IDEAS

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    1. Alan Auerbach & Bruce Baker & Laurence Kotlikoff & Jan Walliser, 1997. "Generational Accounting in New Zealand: Is There Generational Balance?," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 4(2), pages 201-228, May.
    2. Alan J. Auerbach & Jagadeesh Gokhale & Laurence J. Kotlikoff, 1991. "Generational Accounts: A Meaningful Alternative to Deficit Accounting," NBER Chapters,in: Tax Policy and the Economy, Volume 5, pages 55-110 National Bureau of Economic Research, Inc.
    3. Laurence J. Kotlikoff & Willi Leibfritz & Willi Leibfritz, 1999. "An International Comparison of Generational Accounts," NBER Chapters,in: Generational Accounting around the World, pages 73-102 National Bureau of Economic Research, Inc.
    4. Auerbach, Alan J. & Kotlikoff, Laurence J. & Leibfritz, Willi (ed.), 1999. "Generational Accounting around the World," National Bureau of Economic Research Books, University of Chicago Press, edition 1, number 9780226032139.
    5. Franco, D. & Gokhale, J. & Guiso, L. & Kotlikoff, L.J. & Sartor, N., 1991. "Generational Accounting - The Case of Italy," Papers 18, Boston University - Department of Economics.
    6. Nicola Sartor & Laurence J. Kotlikoff & Willi Leibfritz, 1999. "Generational Accounts for Italy," NBER Chapters,in: Generational Accounting around the World, pages 299-324 National Bureau of Economic Research, Inc.
    7. Sartor, Nicola, 1993. "On the Role of Budgetary Policy during Demographic Changes," Public Finance = Finances publiques, , vol. 48(Supplemen), pages 217-227.
    8. Ando,Albert & Guiso,Luigi & Visco,Ignazio (ed.), 1994. "Saving and the Accumulation of Wealth," Cambridge Books, Cambridge University Press, number 9780521452083, April.
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    Cited by:

    1. Paolo Pertile & Veronica Polin & Pietro Rizza & Marzia Romanelli, 2012. "Public finance consolidation and fairness across living generations: the case of Italy," Working Papers 04/2012, University of Verona, Department of Economics.
    2. Alessandro Balestrino, 2012. "Kind of Black: The Musicians' Labour Market in Italy," LABOUR, CEIS, vol. 26(4), pages 472-491, December.
    3. Laurence J. Kotlikoff & Willi Leibfritz & Willi Leibfritz, 1999. "An International Comparison of Generational Accounts," NBER Chapters,in: Generational Accounting around the World, pages 73-102 National Bureau of Economic Research, Inc.
    4. Polin, Veronica & Sartor, Nicola, 2009. "Family Intertemporal Fiscal Incidence: A new Methodology for Assessing Public Policies," MPRA Paper 25570, University Library of Munich, Germany.
    5. Paolo Pertile & Veronica Polin & Pietro Rizza & Marzia Romanelli, 2015. "The fiscal disadvantage of young Italians: a new view on consolidation and fairness," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 13(1), pages 27-51, March.
    6. Devis Geron, 2009. "Social Security Incidence under Uncertainty Assessing Italian Reforms," CESifo Working Paper Series 2812, CESifo Group Munich.
    7. Nicola Sartor & Laurence J. Kotlikoff & Willi Leibfritz, 1999. "Generational Accounts for Italy," NBER Chapters,in: Generational Accounting around the World, pages 299-324 National Bureau of Economic Research, Inc.

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