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National Saving and Social Security in Italy (1954-1993).

Rossi, N.; Visco, I. - Banca d'Italia - 1996

Changes in social security laws and regulations which took place in the late sixties and early seventies apparently weakened the link between contributions and benefits permitting a time path of aggregate consumption in excess of what would have occured in the absence of such changes. In this...

Persistent link: https://www.econbiz.de/10005640932

Italian householdsï¿½ opinions on the difficulty of saving

Bassanetti, Antonio; Rondinelli, Concetta - Banca d'Italia - 2013

The paper investigates the opinions of Italian families on the advisability and the possibility of saving. The analysis was carried out using the monthly micro-data underlying the Italian consumer survey conducted by Isae up to 2010 and by Istat thereafter. The results show that in recent years...

Persistent link: https://www.econbiz.de/10011100339

Fiscal Policy and Macroeconomic Imbalances

Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014

The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...

Persistent link: https://www.econbiz.de/10011277938

Households' savings in China

Cristadoro, Riccardo; Marconi, Daniela - Banca d'Italia - 2011

notwithstanding the rising contribution of government and firms to national savings, they stand out because of householdsï¿½ behaviour … in savings decisions in urban and rural areas and that motives other than those envisaged in the life-cycle model might … play a major role, above all precautionary savings and liquidity constraints. Our results suggest that to reduce the …

Persistent link: https://www.econbiz.de/10009386393

The effects of financial and real wealth on consumption: new evidence from OECD countries

Bonis, Riccardo De; Silvestrini, Andrea - Banca d'Italia - 2011

In this paper we present new estimates of the effect of householdsï¿½ financial and real wealth on consumption. The analysis makes reference to eleven OECD countries and takes into account quarterly data from 1997 to 2008. Unlike most of the previous literature on European countries, we...

Persistent link: https://www.econbiz.de/10009386397

Wealth effects in emerging economies

Ciarlone, Alessio - Banca d'Italia - 2012

In this paper I estimate the impact of changes in real and financial wealth ï¿½ proxied by house and stock market prices ï¿½ on private consumption for a panel of sixteen emerging economies in Asia and Central and Eastern Europe. Using recent econometric techniques for heterogeneous...

Persistent link: https://www.econbiz.de/10009645796

Revisiting the Implications of Heterogeneity in Financial Market Participation for the C-CAPM

Paiella, Monica - Banca d'Italia - 2003

Recent studies have explored the possibility that accounting for limited participation in financial markets, and in the stock market in particular, might rationalize the empirical inconsistency of the Consumption-based Capital Asset Pricing Model (C-CAPM). The rational behind this stand is that...

Persistent link: https://www.econbiz.de/10005111562

A micro simulation model of demographic development and households' economic behavior in Italy

Ando, Albert; Nicoletti-Altimari, Sergio - Banca d'Italia - 2004

The relationship between the demographic structure and the saving rate of a society is the reflection of the aggregation of the behaviour of heterogeneous households, differing from one another in the type of living arrangements and in the characteristics of their members. In order to contribute...

Persistent link: https://www.econbiz.de/10005113518

Italian households' debt: determinants of demand and supply

Magri, Silvia - Banca d'Italia - 2002

This paper analyzes the determinants of Italian householdsï¿½ participation in the debt market, considering both demand and supply effects and using the Bank of Italyï¿½s Survey of Household Income and Wealth. The probability of debt is positively influenced by age (until 35 years), which...

Persistent link: https://www.econbiz.de/10005113535

The forgone gains of incomplete portfolios

Paiella, Monica - Banca d'Italia - 2007

This paper proposes a test for the cost-based explanation of non-participation, by estimating a lower bound to the forgone gains of incomplete portfolios; these are in turn a lower bound to the costs that could rationalize non-participation in financial markets: high bounds would imply...

Persistent link: https://www.econbiz.de/10005113553