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Title:Social security incidence under uncertainty assessing Italian reforms PDF Logo
Authors:Geron, Devis
Issue Date:2009
Series/Report no.:CESifo working paper 2812
Abstract:This paper analyzes the welfare effects of the Italian social security system in an economy with uncertainty on wages, financial market returns and life expectancy. The introduction of a pension system reproducing the Italian statutory scheme turns out to decrease ex-ante individual welfare, unless restrictions are assumed on retirement behavior. Overall, risk insurance effects of social security play a minor role in determining welfare variations. The new Italian NDC pension system is shown to yield a slight ex-ante welfare improvement from a purely risk-insurance perspective. This relative gain stems from risk diversification across working-life wages in computing benefits.
Subjects:social security reforms
uncertainty
risk insurance
JEL:E62
H55
H21
H31
Document Type:Working Paper
Appears in Collections:CESifo Working Papers, CESifo Group Munich

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