| Ageing, Financial Markets and Monetary Policy 2002 Edition Contributor(s): Auerbach, Alan J. (Editor), Herrmann, Heinz (Editor) |
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ISBN: 3540427279 ISBN-13: 9783540427278 Publisher: Springer OUR PRICE: $161.49 Product Type: Hardcover - Other Formats Published: March 2002 Annotation: The book gives an overview of the implications of population ageing for economic development in general and financial systems in particular. It describes several challenges which the ageing process poses for central banks, giving special consideration to the situation in Europe. The first two chapters discuss the relationship between ageing and saving and between ageing and international capital flows. Other chapters consider the possible implications for financial markets. The final part of the volume raises issues which are of particular relevance for central banks, namely ageing and financial stability and how ageing will affect monetary policy. While the ageing problem has been the object of a growing debate in Europe during the past few years, little attention has been devoted so far to its monetary aspects. |
| Additional Information |
| BISAC Categories: - Business & Economics | Accounting - General - Business & Economics | Economics - Macroeconomics - Business & Economics | Public Finance |
| Dewey: 332.46 |
| LCCN: 2002283361 |
| Physical Information: 1" H x 6.46" W x 9.4" (1.45 lbs) 350 pages |
| Themes: - Generational Orientation - Elderly/Aged |
| Descriptions, Reviews, Etc. |
| Publisher Description: net income. It draws on the experience gained when the social security system in Italy was reformed in the early 1990s, which led to drastic reductions in the number of claims against the statutory pension scheme. The various sectors of the population (elderly people, young people, public employees as opposed to private- sector employees, etc.) were affected to differing degrees. From Brugiavini's estimates, it becomes clear that a reduction in claims against the statutory pension system has led to a markedly increased willingness to save, particularly in the sectors of the population which were most affected. Reinhold Schnabel starts by discussing possible consequences of a pension cut from a German perspective. He discusses possible effects on saving and labour supply. In the second part of his comments he questions whether all of Brugiavini's interpretations of the "Italian experiment" are convincing. He doubts in particular, whether the reform was unexpected. |