By Alan J. Auerbach, Heinz Herrmann
net source of revenue. It attracts at the event won while the social defense approach in Italy was once reformed within the early Nineteen Nineties, which ended in drastic discount rates within the variety of claims opposed to the statutory pension scheme. a number of the sectors of the inhabitants (elderly humans, youth, public staff rather than inner most region staff, etc.) have been affected to differing levels. From Brugiavini's estimates, it turns into transparent relief in claims opposed to the statutory pension approach has resulted in a markedly elevated willingness to save lots of, really within the sectors of the inhabitants that have been most influenced. Reinhold Schnabel begins by way of discussing attainable effects of a pension reduce from a German point of view. He discusses attainable results on saving and labour offer. within the moment a part of his reviews he questions even if all of Brugiavini's interpretations of the "Italian scan" are convincing. He doubts specifically, even if the reform used to be unexpected.
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Additional resources for Ageing, Financial Markets and Monetary Policy
The two sub-samples should be identically random in all respects, but for the treatment. e. one needs exogenous variation in participation in the public scheme or eligibility to the tax-favoured scheme under investigation. 22 This is a well-known empirical problem as unobserved heterogeneity, which correlates with saving choices, would bias the results. Having described the ideal setting one could compare the existing literature with this framework. However, in Europe the question has been addressed only recently, and there exist very few examples to build on.
When correcting for the factor k in equation (2), the figures obtained are economically significant. 77. That means that, on average, in the larger sample, the coefficient on pension wealth is not far away from the value of -1. To give an idea of the way in which the coefficients on pension wealth corrected for the factor k vary with age, the two panels of Figure 4 plot the coefficient by 29 30 In Attanasio and Brugiavini (2000), results for OLS estimates are also presented. This reflects the fact that there are more household heads aged between 35 and 45 in our sample.
W. Gale and J. Scholz. 1996. The Illusory Effects of Saving Incentives on Saving, Journal of Economic Perspectives 10(4), pp. 113-138. , W. Gale and C. Uccello. 1999. The Adequacy of Household Saving, Brooking Papers on Economic Activity, 2, pp. 65-187. European Commission. 1999. Towards a Single Market for Supplementary Pensions. Results of the Consultation on the Green Paper on Supplementary Pensions in the Single Market, COM(1999), 134. Euwals, R. 2000. Do Mandatory Pensions Decrease Household Savings: Evidence for the Netherlands.
Ageing, Financial Markets and Monetary Policy by Alan J. Auerbach, Heinz Herrmann