1,721,448 research outputs found
Wealth and Portfolio Composition in SHARE – The Survey of Health, Ageing and Retirement in Europe
No full textCSEF Working Paper No. 13
Social Security Uncertainty and Demand for Retirement Saving
No full textThe life-cycle model predicts an association between increased demand for retirement saving and the level of expected future social security benefits. The precautionary saving model shows that the risk associated to future benefits also matters. If social security benefits become more uncertain, individuals should react by increasing their demand for retirement saving. To assess the empirical relevance of this mechanism, we relate individual level measures of social security risk to demand for retirement saving vehicles. Using the Bank of Italy Survey of Household Income and Wealth, we find higher participation in private pension funds among individuals who expect lower and more uncertain social security benefits
Consumption growth, the interest rate and financial sophistication
No full textWe propose a model in which financial sophistication improves portfolio returns and 8
therefore the incentive to substitute consumption intertemporally. The model delivers an 9
Euler equation in which consumption growth is positively correlated with financial 10
sophistication. We test the model’s prediction using panel data on consumption and financial 11
sophistication drawn from the Italian Survey of Household Income and Wealth. We find 12
that consumption growth is positively correlated with financial sophistication, as predicted 13
by the model. We also provide estimates of the intertemporal elasticity of substitution in the 14
range between 0.4 and 0.6
Screening Tests, Information, and the Health-Education Gradient
No full textCSEF Working Paper No. 187
Retirement expectations, pension reforms, and their impact on privatewealth accumulation
No full textI fattori generazionali nell'accesso alla libera professione: risultati di un'indagine campionaria
No full text
La trasmissione intergenerazionale della ricchezza immobiliare e il ruolo delle imposte sulle successioni in Italia
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