Lans Bovenberg, Casper van Ewijk, 20 November 2011

There is a large variety of pension systems across EU members. This column argues for more private retirement saving as it is necessary to maintain old-age incomes and as it may also contribute to the stability of markets for government debt. But, it adds, governments should retain important responsibilities to prevent moral hazard due to intragenerational redistribution, to facilitate risk-sharing, and to minimise the agency issues due to financial illiteracy.

Kristian Rydqvist, Ilya Strebulaev, Joshua Spizman, 26 September 2009

Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. This column argues that tax policy drove that shift.

Vincenzo Galasso, 07 November 2008

By analysing the effects of a pension reform in Italy, Vincenzo Galasso of Bocconi University has been able to explore why people might decide to have children – because they like them or to provide security in old age. In an interview recorded at the annual congress of the European Economic Association in Milan in August 2008, he talks to Romesh Vaitilingam about his surprising finding that people facing the prospect of reduced pension benefits when they retire have increased their fertility.

Andrea Ichino, Rudolf Winter-Ebmer, Josef Zweimüller, Guido Schwerdt, 08 November 2007

Raising the retirement age is one of the standard solutions for Europe’s aging problem. But won’t this only increase their unemployment rate? New empirical evidence suggests that increasing the retirement age is unlikely to produce a band of workers who are too old to work but too young to retire.

Tito Boeri, Agar Brugiavini, 16 August 2007

Italy’s Agreement on pensions has been signed, but it’s not the start of a new pact between generations. It’s a plug to buy time while holding out for new corrective measures. All the fundamental problems remain unresolved.



CEPR Policy Research