| Ageing, Financial Markets and Monetary Policy Contributor(s): Auerbach, Alan J. (Editor), Herrmann, Heinz (Editor) |
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ISBN: 3642076610 ISBN-13: 9783642076619 Publisher: Springer OUR PRICE: $161.49 Product Type: Paperback - Other Formats Published: December 2010 |
| Additional Information |
| BISAC Categories: - Business & Economics | Economics - Macroeconomics - Business & Economics | Public Finance - Business & Economics | Finance - General |
| Dewey: 332.46 |
| Physical Information: 0.75" H x 6.14" W x 9.21" (1.11 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. |