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The Macroeconomics of the Pension Fund Reform and the case of the TFR reform in Italy

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  • Sergio Cesaratto

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Abstract

The controversial saving-investment relationship is central to macroeconomics, but in this capacity – perhaps less evidently – it is also central to the macroeconomics of pension reforms. Bearing this in mind, in this paper we shall review the main issues concerning these reforms and examine the recent attempt to enlarge the fully funded component of the pension system in Italy by employing the resources accumulated by firms on behalf of workers within the ‘Trattamento di Fine Rapporto’ scheme (a sort of severance pay scheme).

Suggested Citation

  • 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.
  • Handle: RePEc:usi:wpaper:549
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    References listed on IDEAS

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    1. Nicholas Barr & Peter Diamond, 2006. "The Economics of Pensions," Oxford Review of Economic Policy, Oxford University Press, vol. 22(1), pages 15-39, Spring.
    2. Harcourt,G. C., 1972. "Some Cambridge Controversies in the Theory of Capital," Cambridge Books, Cambridge University Press, number 9780521096720, May.
    3. Sergio Cesaratto, 2006. "A reply to Michl," Cambridge Journal of Economics, Oxford University Press, vol. 30(6), pages 985-987, November.
    4. Phil Agulnik & Julian Le Grand, 1998. "Tax relief and partnership pensions," Fiscal Studies, Institute for Fiscal Studies, vol. 19(4), pages 403-428, November.
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    6. P. Garegnani, 1970. "Heterogeneous Capital, the Production Function and the Theory of Distribution," Review of Economic Studies, Oxford University Press, vol. 37(3), pages 407-436.
    7. Sergio Cesaratto, 2001. "Le deboli fondamenta del secondo pilastro pensionistico: note sul contributo di Forni e Giordano," Politica economica, Società editrice il Mulino, issue 3, pages 359-366.
    8. Dalziel, Paul C & Harcourt, Geoffrey C, 1997. "A Note on 'Mr. Meade's Relation' and International Capital Movements," Cambridge Journal of Economics, Oxford University Press, vol. 21(5), pages 621-631, September.
    9. Neri Salvadori, 2004. "Economic growth and distribution: on the nature and causes of the wealth of nations," Economics Bulletin, AccessEcon, vol. 28(18), pages 1.
    10. Sergio Cesaratto, 2006. "Pensions in an ageing society: a symposium," Review of Political Economy, Taylor & Francis Journals, vol. 18(3), pages 295-299.
    11. Sergio Cesaratto, 2007. "Are PAYG and FF Pension Schemes Equivalent Systems? Macroeconomic Considerations in the Light of Alternative Economic Theories," Review of Political Economy, Taylor & Francis Journals, vol. 19(4), pages 449-473.
    12. Sergio Cesaratto, 2006. "Transition to fully funded pension schemes: a non-orthodox criticism," Cambridge Journal of Economics, Oxford University Press, vol. 30(1), pages 33-48, January.
    13. Antonella Palumbo & Attilio Trezzini, 2003. "Growth without normal capacity utilization," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 10(1), pages 109-135.
    14. Felice Roberto Pizzuti, 1998. "Pension Reform and Economic Policy Constraints in Italy," LABOUR, CEIS, vol. 12(1), pages 45-66, March.
    15. Thomas R. Michl & Duncan K. Foley, 2004. "Social security in a Classical growth model," Cambridge Journal of Economics, Oxford University Press, vol. 28(1), pages 1-20, January.
    16. Holzmann, Robert, 1998. "Financing the transition to multipillar," Social Protection and Labor Policy and Technical Notes 20052, The World Bank.
    17. 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.
    18. Riccardo Cesari & Giuseppe Grande & Fabio Panetta, 2007. "La Previdenza Complementare in Italia: Caratteristiche, Sviluppo e Opportunità per i Lavoratori," CeRP Working Papers 60, Center for Research on Pensions and Welfare Policies, Turin (Italy).
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    Cited by:

    1. Holzmann, Robert & Pouget, Yann & Vodopivec, Milan & Weber, Michael, 2011. "Severance pay programs around the world : history, rationale, status, and reforms," Social Protection and Labor Policy and Technical Notes 62726, The World Bank.

    More about this item

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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