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By Alan J. Auerbach, Heinz Herrmann

net source of revenue. It attracts at the adventure received whilst the social protection procedure in Italy was once reformed within the early Nineties, which resulted in drastic savings within the variety of claims opposed to the statutory pension scheme. a few of the sectors of the inhabitants (elderly humans, teenagers, 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 process has ended in a markedly elevated willingness to save lots of, rather within the sectors of the inhabitants that have been most influenced. Reinhold Schnabel starts off via discussing attainable effects of a pension minimize from a German standpoint. He discusses attainable results on saving and labour offer. within the moment a part of his reviews he questions no matter if all of Brugiavini's interpretations of the "Italian test" are convincing. He doubts particularly, even if the reform was once unexpected.

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Steinmeier. 1998. Effects of Pensions on Savings: Analysis with data from the Health and Retirement Study, NBER Working Paper No. 6681. Agar Brugiavini 47 Hamermesh, D. S. 1982. Consumption During Retirement: the Missing Link in the Life Cycle, NBER Working Paper No. 930. Hayashi, F. 1987. Tests for Liquidity Constraints: A Critical Survey and some new Observations. In: T. F. , Advances in Econometrics, Fifth World Congress, 2, Cambridge University Press. , T. Ito and 1. Slemrod. 1988. Housing Finance Imperfections, Taxation and Private Saving: a Comparative Simulation Analysis of the United States and Japan, Journal ofJapanese and International Economies, 2, pp.

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.

Guiso and 1. , Saving and the Accumulation of Wealth, Cambridge University Press, Cambridge. Guiso, L. and T. Jappelli. 2000. Private Transfers, Borrowing Constraints and the Timing of Homeownership, CFES Working Paper No. 17, Salerno. Gustman, A. L. and T. L. Steinmeier. 1998. Effects of Pensions on Savings: Analysis with data from the Health and Retirement Study, NBER Working Paper No. 6681. Agar Brugiavini 47 Hamermesh, D. S. 1982. Consumption During Retirement: the Missing Link in the Life Cycle, NBER Working Paper No.

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