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Aspetti macroeconomici del passaggio alla capitalizzazione: considerazioni non ortodosse sulla riforma pensionistica

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  • Sergio Cesaratto

Abstract

The paper examines the transition between the two pension systems: pay-as-you- go (PAYG) and capitalization system (CS). It examines the distinction between a privatization of PAYG and the creation of a true CS. A genuine CS is introduced only if «national saving» increases with the reform. Some transition plans are then examined. The use of the «severance payment» (TFR) to create a CS is considered. It is argued that TFR, in spite of its peculiarities, is already a CS. In the final part of the paper the alleged advantages of the adoption of CS are criticised in the light of less conventional approaches.

Suggested Citation

  • Sergio Cesaratto, 2001. "Aspetti macroeconomici del passaggio alla capitalizzazione: considerazioni non ortodosse sulla riforma pensionistica," Rivista di Politica Economica, SIPI Spa, vol. 91(5), pages 33-82, June.
  • Handle: RePEc:rpo:ripoec:v:91:y:2001:i:5:p:33-82
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    Cited by:

    1. Sergio Cesaratto, 2008. "The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy," Department of Economics University of Siena 549, Department of Economics, University of Siena.

    More about this item

    JEL classification:

    • E1 - Macroeconomics and Monetary Economics - - General Aggregative Models
    • N55 - Economic History - - Agriculture, Natural Resources, Environment and Extractive Industries - - - Asia including Middle East

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