 Dalla prudenza alla crescita. Perché e come diversificare la previdenza socialeMichele Tronconi () LIUC Papers in Economics from Cattaneo University (LIUC) Abstract: This paper talks about multi-pillar pension system in Italy, focusing most on the impact of Pension Funds established by trade unions and employers associations. Minor sensitivity to demographic shocks is what makes funding appealing in respect of public pay-as-you-go scheme. Benefit comes from portfolio diversification, not only in terms of asset class but also in terms of national baskets. If Social Security is properly a local problem its solution can be a global one, because savings can be channeled into investments abroad improving the efficiency of funding. Exactly what happened in Italy in the last six years during which two thirds of the resources accumulated by our occupational Pension Funds were allocated in foreign markets. Caution was rewarded because it allowed to go trough financial turmoil. Nonetheless the strong decoupling between the origin of savings and the place of their investment had some sort of a side effect on national real economy. It operated as a pro-cyclical amplifier. The mitigation of this side effect depends on the way we will reallocate a larger part of our savings in Italian economy using special purpose instruments. Only then our Pension Funds will completely assume the financial role of institutional investors . Pages: 38 pages Published in LIUC papers, no.276, 2014 - Economia e Impresa 73 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:liu:liucec:276 Access Statistics for this paper More papers in LIUC Papers in Economics from Cattaneo University (LIUC) Contact information at EDIRC. |
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