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Index Futures Activity and Stock Market Volatility : An Empirical Analysis of the Italian Stock Exchange

Bologna, Pierluigi - 2012

This paper examines the impact of MIB30 Index Futures on the volatility of the Italian Stock Exchange. The results suggest that the onset of futures trading may have led to diminished daily volatility. They also suggest that the nature of the volatility itself has not changed between the...

Persistent link: https://www.econbiz.de/10013109107

Développement, inégalités, pauvretés

Boccella, Nicola (contributor); Billi, Andrea (contributor) - 2005

Persistent link: https://www.econbiz.de/10003104610

Welfare reforms and labour supply in Italy

Brugiavini, Agar - 2009

This paper looks at welfare reforms in Italy and their effects on labour supply. I focus on social security reforms, which have taken place in the 1990s and on labour market reforms. Old age social security expenditure in Italy is high (14% of GDP) and the system has been very generous on early...

Persistent link: https://www.econbiz.de/10010273928

Retirement Choices in Italy: What an Option Value Model tells us

Belloni, Michele; Alessie, Rob - 2010

Using Italian data, we estimate an option value model to quantify the effectof financial incentives on retirement choices. As far as we know, this isthe first empirical study to estimate the conditional multiple-years modelput forward by Stock and Wise (1990). This implies that we account...

Persistent link: https://www.econbiz.de/10010325652

Retirement in Italy and Norway

Colombino, Ugo; Hernæs, Erik; Jia, Zhyiang; Strøm, Steinar - 2003

A structural model for retirement and employment based on a flexible, parametric utility function is developed. The model requires only cross section data and is estimated on survey data for Italy and register data for Norway. The estimates indicate that the preference structure among...

Persistent link: https://www.econbiz.de/10010284414

Sustainability of Italian Pension System : An Analysis of Recent Reforms

Melis, Roberta - 2022

The aim of this paper is to analyse the sustainability of the Italian pension system and the impact of recent reform, the so called “quota 100”. Quota 100 allows early exit from the world of work for all those who have at least 38 years of contributions and 62 years of age. All without...

Persistent link: https://www.econbiz.de/10014081276

Career Spillovers in Internal Labor Markets

Bianchi, Nicola; Bovini, Giulia; Li, Jin; Paradisi, Matteo - 2021

This paper studies career spillovers across workers, which arise in firms with limited promotion opportunities. We exploit a 2011 Italian pension reform that unexpectedly tightened eligibility criteria for the public pension, leading to sudden, substantial, and heterogeneous retirement delays....

Persistent link: https://www.econbiz.de/10013240682

Retirement Choices in Italy : What an Option Value Model Tells Us

Alessie, Rob - 2010

Using Italian data, we estimate an option value model to quantify the effect of financial incentives on retirement choices. As far as we know, this is the first empirical study to estimate the conditional multiple-years model put forward by Stock and Wise (1990). This implies that we account for...

Persistent link: https://www.econbiz.de/10013135674

Is Social Security Secure with NDC?

Boeri, Tito - 2010

The introduction of NDC public pension scheme in few European countries, such as Latvia, Sweden, Italy, and Poland, in the nineties was motivated, among other things, by the need (i) to ensure the long term financial sustainability of the public pension system by linking pension returns to...

Persistent link: https://www.econbiz.de/10013136949

The Strengths and Failures of Incentive Mechanisms in Notional Defined Contribution Pension Systems

Marano, Angelo - 2011

equity and incentive neutrality. However, when one considers the presence of NDC pensions together with minimum and social … assistance pensions, this is no longer true. Indeed, in all the three countries considered, the NDC system shows a regressive …, the possibility of accumulation of social assistance and NDC pensions, which would also improve pension adequacy. A …

Persistent link: https://www.econbiz.de/10013117958