Aspetti macroeconomici del passaggio alla capitalizzazione: considerazioni non ortodosse sulla riforma pensionistica
Sergio Cesaratto ()
Rivista di Politica Economica, 2001, vol. 91, issue 5, 33-82
The paper examines the transition between the two pension systems: pay-as-you- go (PAYG) and capitalization system (CS). It examines the distinction between a privatization of PAYG and the creation of a true CS. A genuine CS is introduced only if «national saving» increases with the reform. Some transition plans are then examined. The use of the «severance payment» (TFR) to create a CS is considered. It is argued that TFR, in spite of its peculiarities, is already a CS. In the final part of the paper the alleged advantages of the adoption of CS are criticised in the light of less conventional approaches.
JEL-codes: E1 N55 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:rpo:ripoec:v:91:y:2001:i:5:p:33-82
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