Ageing, Financial Markets and Monetary Policy by Alan J. Auerbach, Heinz Herrmann

By Alan J. Auerbach, Heinz Herrmann

net source of revenue. It attracts at the adventure won while the social defense procedure in Italy was once reformed within the early Nineteen Nineties, which resulted in drastic rate reductions within the variety of claims opposed to the statutory pension scheme. a number of the sectors of the inhabitants (elderly humans, youngsters, public staff in place of deepest­ quarter staff, etc.) have been affected to differing levels. From Brugiavini's estimates, it turns into transparent relief in claims opposed to the statutory pension procedure has ended in a markedly elevated willingness to save lots of, relatively within the sectors of the inhabitants which have been most influenced. Reinhold Schnabel starts off by way of discussing attainable outcomes of a pension reduce from a German standpoint. He discusses attainable results on saving and labour provide. within the moment a part of his reviews he questions no matter if all of Brugiavini's interpretations of the "Italian scan" are convincing. He doubts particularly, even if the reform used to be unexpected.

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Housing Finance Imperfections, Taxation and Private Saving: a Comparative Simulation Analysis of the United States and Japan, Journal ofJapanese and International Economies, 2, pp. 215-238. Hendershott, P. 1991. Are Real House Prices Likely to Decline by 47 Percent? Regional Science and Urban Economics 21(4), pp. 553-63. , 1. Skinner and S. Zeldes. 1995. Precautionary Savings and Social Insurance, Journal of Political Economy, 103, pp. 360-99. Jappelli, T. and M. Pagano. 1994. Saving Growth and Liquidity Constraints, Quarterly Journal ofEconomics, 109, pp.

Auerbach and Kotlikoff (1983) pioneered the discussion on the difficulties, with the empirical identification of the substitution parameters both in time series and cross-sectional studies for the us. The structural instability of the parameters is due to the changes in population structure and to the fluctuations in interest rates, as well as in contribution rates, during the transition after the introduction of a new pension system. 15 For Europe, the empirical evidence is scanty, making it particularly hard to reach any conclusion.

This argument constitutes probably the most convincing reason for using average changes in estimated social security wealth to identify the relationship of such a variable with the personal saving rate. In 1991, the Italian social security system was one of the most generous in the world, and clearly unsustainable in the long run. As these issues were widely debated in the run-up to the reform of 1992, it is not unreasonable to think that a change in the legislation was widely expected. However, it should be stressed that the type of reform that would eventually be implemented was not obvious.

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