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"This paper outlines the relevant theory and presents some empirical evidence on the effects of capital market developments and social security coverage on fertility and saving behaviour in Italy.... The data examined appear to lend support to the hypothesis that saving and fertility are jointly determined. They also show that the availability and attractiveness of market-based or state-provided alternatives to the family as a provider of old-age support significantly and systematically affect the saving and reproductive decisions of individuals." The data cover the period 1931-1987.