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Do European Pension Reforms Improve the Adequacy of Saving?


  • Andrea Buffa

    () (Center for Research on Pensions and Welfare Policies, Turin)

  • Chiara Monticone



The decline in saving rates experienced by some European countries has raised concerns about the importance of a country’s wealth accumulation, in particular in light of a more fair but less generous pension system. This paper carries out a macroeconomic analysis of the impact of pension reforms implemented in the nineties on private saving. The evidence shows no tendency for saving to change in the post-reform period, which is consistent with preliminary results on pension reforms in the eighties. We conclude that the adequacy of saving can not find a source of improvement in the pension reforms of the last decade.

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  • Andrea Buffa & Chiara Monticone, 2006. "Do European Pension Reforms Improve the Adequacy of Saving?," CeRP Working Papers 50, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  • Handle: RePEc:crp:wpaper:50

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    Pension; Saving;

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