Government incentives and household saving in Italy

Research in Economics, 1997

We replicate the econometric work done on the effects of social security on national saving but we refer to a different specification of the social security wealth variable. Indeed, we use the so called "accrued to date" definition instead of the "net" or "gross" definitions that were used in all the previous studies. Our evidence supports the finding that the social security system has substantially contributed to the decline of the aggregate Italian saving rate in the period 1954-1993.

1997

Abstract: In most of the postwar period Italy featured an abnormally high saving rate in comparison to that of most other industrialized countries. But this is no longer true. Under any definition, in the last decade the Italian saving rate has fallen below the average of the developed economies. Why was the Italian saving ratio comparatively high and why has its decline been so dramatic? In this paper we consider various potential answers to these questions.

Research in Economics, 2001

We use Italian repeated cross-sectional data from 1984 to 1998 to highlight trends in Italian household saving. The use of repeated cross sections allows us to control for the presence of cohort effects, which are important determinants of the level of saving. The data are drawn from the Bank of Italy Survey of Income and Wealth. The reliability of the saving measure is assessed also using data from the ISTAT Survey of Household Budgets. The purpose of the paper is to provide a set of stylized facts about household saving in Italy. At a more general level, the paper also highlights the importance of distinguishing between discretionary saving and mandatory saving when analysing household behaviour and comparing saving across countries. © 2001 University of Venice J.E.L. Classification: D12, D91.

1994

2007

Zusammenfassung: We review savings trends in Italy, summarizing available empirical evidence on Italians motives to save, relying on macroeconomic indicators as well as on data drawn from the Bank of Italy s Survey of Household Income and Wealth from 1984 to 2004. The macroeconomic data indicate that households saving has dropped significantly, although Italy continues to rank above most other countries in terms of saving.

European Economic Review, 2007

We develop the approach of Gokhale et al. (1996), based on the life-cycle model of savings, to decompose the differences in the national saving rates between the UK, US and Italy. Our work suggests that the US saving rate is lower principally because Americans on average retire later. In contrast, the Italian saving rate is higher predominantly because Italians are credit constrained, particularly when young. We also found that demography and the different tax and benefit systems are able to explain little of the cross-sectional differences in saving rates. The study accounts for the possible importance of intergenerational private transfers in determining saving rates.

2013

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DISCUSSION PAPERS-NATIONAL INSTITUTE …, 2002

We develop the approach of Gokhale, Kotlikoff & Sabelhaus (1996), based on the lifecycle model of savings, to decompose the large differences in the personal sector saving rates between the UK, US and Italy. Our work suggests that the US saving rate is lower ...

Risk Management and …, 2011