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 safety procedure in Italy was once reformed within the early Nineteen Nineties, which ended in drastic discounts within the variety of claims opposed to the statutory pension scheme. some of the sectors of the inhabitants (elderly humans, youngsters, public staff in preference to inner most­ region 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 resulted in a markedly elevated willingness to save lots of, fairly within the sectors of the inhabitants that have been most influenced. Reinhold Schnabel begins by means of discussing attainable effects of a pension minimize from a German viewpoint. 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 test" are convincing. He doubts particularly, no matter if the reform used to be unexpected.

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Euwals, R. 2000. Do Mandatory Pensions Decrease Household Savings: Evidence for the Netherlands. De Economist, 148, pp. 643-670. Eymann, A. and A. Borsch-Supan. 2001. Household Portfolios in Germany. In: L. Guiso, M. Haliassos and T. : MIT-Press. Feldstein, M. 1974. Social Security, Induced Retirement and Aggregate capital accumulation, Journal ofPolitical Economy, 82,5, pp. 905-926. Gale W. and J. Scholz. IRAs and Household Saving, American Economic Review, 84, pp. 1233-1260 Gale W. 1998. The Effects of Pensions on Household Wealth: a Reevaluation of Theory and Evidence, Journal of Political Economy, 106, 4, pp.

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. In this paper, I will briefly review the empirical literature and focus on examples where some studies do exist and represent very diverse realities: the Netherlands, the UK and Italy.

New Brunswick, NJ: Rutgers University Press. Muellbauer, 1. and A. Murphy. 1990. 345-83. OECD. 2000a. Reforms for an Ageing Society, Paris. OECD. 2000b. Economic Outlook, 67, Paris. 48 Ageing and Saving in Europe Pagano, M. 1993. The Flotation of Companies on the Stock Market: a Coordination Failure Model, European Economic Review, 37. Poterba, 1. 1994. International Comparisons of Household Saving. Chicago, Chicago University Press. , S. Venti and D. Wise. 1996. 91-112. Rossi, N. and 1. Visco.

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