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Una proposta di riforma per il sistema pensionistico italiano

  • Francesco Marchionne

    ()

    (Università Politecnica delle Marche, Facoltà di Economia G. Fuà, Dipartimento di Economia, Ancona)

In Italy, the ageing of the population is leading to an increase of the pension expenditures. Before Dini reform in 1995, the earning-related contributory system was financed on a pay-as-you-go basis. It was too much generous for the economic and demographic conditions of the country, therefore it was reformed. Now the benefits are calculated on a defined-contribution formula that penalizes the early retirement and assures lower benefits. However, some considerations put the sustainability of the pension system for future generations under discussion. A multipillar system with capitalisation elements (public defined-benefit component, occupational pension funds and individual pension funds) could reach this goal. In this study, a simulation generates the replacement ratios for the multipillar system in different scenarios and shows that the passage forward this scheme is possible, necessary and, under some conditions, not too expensive.

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File URL: http://ojs.uniroma1.it/index.php/monetaecredito/article/view/9765/9648
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Article provided by Economia civile in its journal Moneta e Credito.

Volume (Year): 57 (2004)
Issue (Month): 226 ()
Pages: 161-196

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Handle: RePEc:psl:moneta:2004:23
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  1. Michele Boldrin & Juan J. Dolado & Juan F. Jimeno & Franco Peracchi, 1999. "The future of pensions in Europe," Economic Policy, CEPR;CES;MSH, vol. 14(29), pages 287-320, October.
  2. Andrew Abel & Gregory N. Mankiw & Lawrence H. Summers & Richard Zeckhauser, . "Assessing Dynamic Efficiency: Theory and Evidence," Rodney L. White Center for Financial Research Working Papers 14-88, Wharton School Rodney L. White Center for Financial Research.
  3. Raffaele Miniaci, 1998. "Microeconometric Analysis of the Retirement Decision: Italy," OECD Economics Department Working Papers 205, OECD Publishing.
  4. Philippe Jorion & William N. Goetzmann, 1999. "Global Stock Markets in the Twentieth Century," Journal of Finance, American Finance Association, vol. 54(3), pages 953-980, 06.
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