ETD system

Electronic theses and dissertations repository


Tesi etd-11172014-111749

Thesis type
Tesi di laurea magistrale
An analysis on saving and pension systems.
Corso di studi
relatore Prof. Spataro, Luca
Parole chiave
  • Sinn's model
  • Pension system
  • Pas-as-you-go
  • Modigliani Theory
Data inizio appello
Riassunto analitico
The attitude of individuals towards saving, the motivations which lead people to save or not to save, the government-mandated pension and retirement policies have changed dramatically during the past decades. The purpose of this work is to give an in-depth look at these important policy issues and changes happened in four chapters.<br>Chapter one provides some definitions of the main economic variables both at the micro and macro levels and a closer look at the current data on savings and on the complex range of public, private and voluntary retirement plans which are now playing a greater role in pension-provision in many OECD countries.<br>Chapter two is devoted to the most significant theories about the origin and the effects of pension systems, in particular, the &#34;Intertemporal choice model&#34; by Irving Fisher, &#34;The life cycle model&#34; by Franco Modigliani and the &#34;Permanent Income Theory&#34; by Milton Friedman.<br>Chapter three presents a consistent framework which describes the social security systems across OECD countries: replacement rates, financial schemes (Pay-As-You-Go and Fully Funded), contribution systems (defined contribution and defined benefit), the calculation of pension benefits, the effects of the social security system on individual decisions and the problems related to the transition from a Pay-As-You-Go to a Fully Funded program.<br>Finally, chapter four attempts to develop a model whose purpose is to find the optimal mix between the Pay-As-You-Go and Fully Funded programs, and in the last section it also provides some numerical estimates related to the model. <br>A description of the Italian pension system and the most significative steps of the long series of reforms that have affected the social security system in Italy in the last two decades are provided for in Appendix A.<br>