DIFFERENTIAL MORTALITY AND THE DESIGN OF THE ITALIAN SYSTEM OF PUBLIC PENSIONS

Graziella Caselli (), Franco Peracchi, Elisabetta Barbi () and Rosa Maria Lipsi ()

CHILD Working Papers from CHILD - Centre for Household, Income, Labour and Demographic economics - ITALY

Abstract: This paper considers the issue of actuarial fairness of the new Italian public pension system in view of the recent trends in old-age mortality and the survival differences by gender, birth cohort and region of residence.3 Section 2 reviews the secular trends in elderly mortality in Italy, separately for men and women, and draws some implications for long-run demographic projections. It also considers regional differences in survival and their evolution over the last three decades. Section 3 evaluates the impact, on the conversion factors introduced by the Dini reform, of a further decline in elderly mortality over the next few decades, focusing on the period when the reform will be fully phased in. It also computes the conversion factors using a close approximation to the unknown formula employed in the Dini reform but allowing for gender- and region-specific survival probabilities. The distance between the original conversion factors and those obtained by allowing for differential survival across socio-demographic groups provides a quantitative assessment of the implicit redistributive impacts of the reform. Finally, Section 4 offers some conclusions.

Keywords: differential mortality; italian system public pension (search for similar items in EconPapers)
JEL-codes: C10 D10 J10 (search for similar items in EconPapers)
Pages: 34 pages
Date: 2002-01
References: View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Differential Mortality and the Design of the Italian System of Public Pensions (2003)
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