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 received whilst the social safeguard approach in Italy used to be reformed within the early Nineteen Nineties, which resulted in drastic discount rates within the variety of claims opposed to the statutory pension scheme. some of the sectors of the inhabitants (elderly humans, teenagers, public staff rather than inner most­ quarter 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, rather within the sectors of the inhabitants that have been most influenced. Reinhold Schnabel begins by means of discussing attainable results of a pension minimize from a German standpoint. 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 scan" are convincing. He doubts particularly, no matter if the reform was once unexpected.

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Borsch-Supan, A. and M. Liihrmann. 2000. Prinzipien der Renten- und Pensionsbesteuerung, Frankfurter Institut: Bad Homburg. Borsch-Supan, A. and M. , 2001. , Springer-Verlag: Berlin, Heidelberg, New York. Borsch-Supan, A. and A. Brugiavini. 2001. Savings: the Policy Debate in Europe, Oxford Review of Economic Policy, 17 (1), pp. 116-143. , ed. 2001. International Comparisons of Household Saving: A Study of Life-Cycle Savings in Seven Countries, New York: Academic Press. Browning, M. and A. Lusardi.

I7 Annuity and pension contracts are in principle irreversible investments, and this has important implications for the optimal timing of purchase and for the portfolio mix of pension and non-pension wealth (Brugiavini, 1993). There are different degrees of non-tradability and different features, which contribute to making the contract irreversible. In some cases, workers can borrow back a certain fraction of the annuity premium (usually at high borrowing rates and in the presence of a collateral).

Given the limited amount of variability available to us (remember, we are using differences across groups in the effects of the 1992 reform), we were not able to fit more flexible functional forms. It might be that the rather extreme values obtained by the coefficients, especially at the beginning of the life cycle are a consequence of the rather restrictive assumption we impose. " procedure, after trimming, for the case of "all the active population". It is interesting to see that the bulk of the distribution is concentrated around high negative values.

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Ageing, Financial Markets and Monetary Policy by Alan J. Auerbach, Heinz Herrmann
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