National saving and social security in Italy

Rossi, Nicola; Visco, Ignazio

doi:10.1006/reco.1995.0020

Cited by 40 publications

(31 citation statements)

References 16 publications

(32 reference statements)

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“…Those that did, e.g. (Rossi, 1995;Gale, 1995) generally found significant results. Gale found that educated households had nearly twice the displacement rates of uneducated households.…”

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confidence: 67%

“…Like Lee and Chao's study of the United States, they did find that the labour force participation rate of older workers positively affected private savings. (Rossi, 1995), found a significant displacement effect, with an estimated semi-log elasticity of 0.658 for pension wealth on saving. Based on these figures, they calculated that public pensions accounted for 3 percentage points of the 9 percentage point drop in the national saving rate between the 1960s and the 1990s.…”

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confidence: 96%

“…Takayama's study (Takayama, 1990) of Japan, based on two samples drawn from 1979 and 1984, found a total displacement effect of public pensions on personal savings of about 60 per cent. Rossi and Visco (Rossi and Visco, 1995), analysing a sample of 5 600 Italian households from 1991 and 1993, found a displacement elasticity of 0.9. Alessi, Kapteyn and Klijm's study of the Netherlands (Alessie, 1994) covered 5 000 households sampled between 1987 and 1991.…”

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confidence: 98%

“…An exception is Rossi and Visco (1995), who used the flow of saving in both time series and cross section.…”

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confidence: 99%

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The Macroeconomics of Ageing, Pensions and Savings

Kohl¹

1998

OECD Economics Department Working Papers

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ABSTRACT/RÉSUMÉThe effect of pension systems on public and private saving is important -savings are a crucial link between decisions today and living standards tomorrow. This paper, following a brief overview of pension systems in some OECD countries, reviews the empirical literature. Two important questions are: do unfunded public pension schemes reduce national saving? Do tax-favoured private saving schemes increase national saving? Quantitative estimates are highly uncertain, but the answers appear to be, "yes, by up 30 per cent of the funding gap"; and "yes, but often not by very much when the fiscal effects are considered." ***** L'impact des systèmes de retraite sur l'épargne public et privée est important --l'épargne établit un lien essentiel entre le comportement d'aujourd'hui et le niveau de vie de demain. Après un rapide suivi des systèmes de pensions dans certains pays de l'OCDE, cet article passe en revue la littérature empirique. Deux questions fondamentales se présentent : le taux d'épargne national est-il diminué par un système de pensions par répartition (sans fonds) ? Les comptes d'épargne bénéficiant d'avantages fiscaux, augmentent-t-ils ce taux national d'épargne ? Il est très difficile de quantifier, mais les réponses semblent être : "oui, jusqu'à l'équivalent de 30 pour cent de la dette implicite" ; et "oui, mais souvent peu sensiblement compte tenu des effets fiscaux".

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“…Those that did, e.g. (Rossi, 1995;Gale, 1995) generally found significant results. Gale found that educated households had nearly twice the displacement rates of uneducated households.…”

mentioning

confidence: 67%

mentioning

confidence: 96%

mentioning

confidence: 98%

“…An exception is Rossi and Visco (1995), who used the flow of saving in both time series and cross section.…”

mentioning

confidence: 99%

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The Macroeconomics of Ageing, Pensions and Savings

Kohl¹

1998

OECD Economics Department Working Papers

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“…See also the studies by Alessie and Kapteyn (2001), Borsch-Supan (2001), Rossi and Visco (1995), Callen and Thimann (1997) and De Serres and Pelgrin (2002).…”

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confidence: 99%

Social Safety Nets and Structural Adjustment

Noord¹,

Girouard²,

André

2006

OECD Economics Department Working Papers

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JT03214486Social safety nets protect citizens against hardship. By offering compensation, social safety nets may help overcome the political resistance to trade liberalisation and structural reform, but they can also weaken the incentives to work and save. Depending on their design, safety nets may also ease or impair adjustment to changing economic circumstances. Against this backdrop, the paper looks at the impact of social safety nets on output and employment and on the ability of economies to absorb adverse shocks. Dependent on their design, the presence of extensive social safety nets is often associated with more limited labour resource use and lower per capita GDP levels, even though activation policy can provide offsets. Moreover, many of the characteristics of social safety nets that reduce output and employment levels heighten the persistence of slack in the wake of adverse shocks. By contrast, the impact of social safety nets on business investment and household saving, and by extension the current account balance, is not clear-cut.JEL codes: E21, E24, E32, O47, F42, O57, H55

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The Effects of Housing and Financial Wealth on Personal Consumption: Aggregate Evidence for Italian Households

Bassanetti¹,

Zollino²

2010

Housing Markets in Europe

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National saving and social security in Italy

Cited by 40 publications

References 16 publications

The Macroeconomics of Ageing, Pensions and Savings

The Macroeconomics of Ageing, Pensions and Savings

Social Safety Nets and Structural Adjustment

The Effects of Housing and Financial Wealth on Personal Consumption: Aggregate Evidence for Italian Households

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