We study the effects of the reform of the system of severance payments (TFR) of Italian employees on the cost and the … access to credit for small and medium-size enterprises (SMEs). The most direct consequence of the reform is to reduce in the … long run the amount of liquid assets available to Italian firms. We argue that this reform, implemented in July 2007, will …

the policy reform on early retirement behaviour. We use a large administrative dataset, the Dutch Income Panel 1989 …-2000, to estimate hazard rate models for early retirement. We conclude that the policy reform induced workers to postpone early …