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Le prospettive demografiche, l' edilizia residenziale e i fattori finanziari:la proposta di un nuovo strumento finanziario, il MIpAIo


  • Alberto Niccoli


The paper deals with financial and demographic factors influencing the Italian residential building sector during the next decades. In particular, it is shown that, due to the reduction of public pensions coverage, many elderly people will enjoy inadequate incomes. Housing partnership and reverse mortgages, i.e. the sale of an equity stake in the ownership of their house, on the one hand, and mortgages to be paid back with the proceedings of the sale of the house at the end of their life, on the other, are a possible solution to the problem. Equity stakes in the limited partnership property of residential buildings are shown to have been a part of efficient portfolios for risk-averse investors in Italian financial markets, during the last ten years. The use of the new financial instrument to cover expenses for residential buildings maintenance and/or public investment in the urban and art sectors is also proposed.

Suggested Citation

  • Alberto Niccoli, 2001. "Le prospettive demografiche, l' edilizia residenziale e i fattori finanziari:la proposta di un nuovo strumento finanziario, il MIpAIo," Moneta e Credito, Economia civile, vol. 54(215), pages 309-342.
  • Handle: RePEc:psl:moneta:2001:32

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    References listed on IDEAS

    1. Edwards, Sebastian & Levy Yeyati, Eduardo, 2005. "Flexible exchange rates as shock absorbers," European Economic Review, Elsevier, vol. 49(8), pages 2079-2105, November.
    2. Guillermo A. Calvo & Frederic S. Mishkin, 2003. "The Mirage of Exchange Rate Regimes for Emerging Market Countries," Journal of Economic Perspectives, American Economic Association, vol. 17(4), pages 99-118, Fall.
    3. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
    4. Steven B. Kamin & Marc Klau, 1997. "Some multi-country evidence on the effects of real exchange rates on output," BIS Working Papers 48, Bank for International Settlements.
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    More about this item


    Demographics; Elderly; Housing; Mortgage; Pension; Public Pension; Residential;

    JEL classification:

    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • L74 - Industrial Organization - - Industry Studies: Primary Products and Construction - - - Construction
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies


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