By Alan J. Auerbach, Heinz Herrmann
net source of revenue. It attracts at the adventure received while the social protection process in Italy used to be reformed within the early Nineteen Nineties, which ended in drastic discount rates within the variety of claims opposed to the statutory pension scheme. some of the sectors of the inhabitants (elderly humans, children, public staff in preference to inner most zone staff, etc.) have been affected to differing levels. From Brugiavini's estimates, it turns into transparent relief in claims opposed to the statutory pension method has ended in a markedly elevated willingness to avoid wasting, fairly within the sectors of the inhabitants which have been most influenced. Reinhold Schnabel begins by means of discussing attainable outcomes of a pension minimize 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 particularly, even if the reform used to be unexpected.
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A case study: The Netherlands The question of substitutability has been addressed directly on micro-level data in the Netherlands. I can summarize the evidence by referring to two studies: Alessie, Kapteyn and Klijn (1997) and Euwals (2000). Both papers investigate the question by distinguishing the two mandatory parts of the Dutch pension system: a public social security component (AOW, PAYG financed) and a private occupational-pension-funded component. The definition of private household wealth includes bank accounts, insurance, stocks, bonds, real estate, mortgages and debts.
Ageing, Financial Markets and Monetary Policy by Alan J. Auerbach, Heinz Herrmann