Differential mortality and the design of the Italian system of public pensions
This paper considers the issue of actuarial fairness of the new Italian public pension system in view of the recent trends in old-age mortality and the survival differences by gender, birth cohort and region of residence. After reviewing the secular trends in elderly mortality in Italy, and the evol...
Saved in:
Published in | Labour (Rome, Italy) Vol. 17; no. Special; pp. 45 - 78 |
---|---|
Main Authors | , , , |
Format | Journal Article |
Language | English |
Published |
01.01.2003
|
Subjects | |
Online Access | Get full text |
Cover
Loading…
Abstract | This paper considers the issue of actuarial fairness of the new Italian public pension system in view of the recent trends in old-age mortality and the survival differences by gender, birth cohort and region of residence. After reviewing the secular trends in elderly mortality in Italy, and the evolution of regional differences in survival over the last three decades, we evaluate the impact, on the conversion factors introduced by the Dini reform, of a further decline in elderly mortality over the next few decades. We compute the conversion factors using a close approximation to the unknown formula employed in the Dini reform but allowing for gender- and region-specific survival probabilities. Our results leave no doubt about the importance of frequently updating the conversion factors in the light of the rapid increase in elderly survival. The paper also quantifies to what extent gender- and region-specific conversion factors may differ from their currently legislated values, that only vary by age. Finally, we recognize that the actuarial fairness of the system introduced by the recent reform can only be guaranteed on average and that, in the presence of a heterogeneous population of individuals that differ considerably in their mortality prospects, the current system implies a substantial degree of redistribution from high-mortality groups (typically characterized by low income and low wealth) to low-mortality groups (typically characterized by high income and high wealth). Reprinted by permission of Blackwell Publishers |
---|---|
AbstractList | This paper considers the issue of actuarial fairness of the new Italian public pension system in view of the recent trends in old-age mortality and the survival differences by gender, birth cohort and region of residence. After reviewing the secular trends in elderly mortality in Italy, and the evolution of regional differences in survival over the last three decades, we evaluate the impact, on the conversion factors introduced by the Dini reform, of a further decline in elderly mortality over the next few decades. We compute the conversion factors using a close approximation to the unknown formula employed in the Dini reform but allowing for gender- and region-specific survival probabilities. Our results leave no doubt about the importance of frequently updating the conversion factors in the light of the rapid increase in elderly survival. The paper also quantifies to what extent gender- and region-specific conversion factors may differ from their currently legislated values, that only vary by age. Finally, we recognize that the actuarial fairness of the system introduced by the recent reform can only be guaranteed on average and that, in the presence of a heterogeneous population of individuals that differ considerably in their mortality prospects, the current system implies a substantial degree of redistribution from high-mortality groups (typically characterized by low income and low wealth) to low-mortality groups (typically characterized by high income and high wealth). Reprinted by permission of Blackwell Publishers |
Author | Peracchi, Franco Lipsi, Rosa Maria Barbi, Elisabetta Caselli, Graziella |
Author_xml | – sequence: 1 givenname: Graziella surname: Caselli fullname: Caselli, Graziella – sequence: 2 givenname: Franco surname: Peracchi fullname: Peracchi, Franco – sequence: 3 givenname: Elisabetta surname: Barbi fullname: Barbi, Elisabetta – sequence: 4 givenname: Rosa surname: Lipsi middlename: Maria fullname: Lipsi, Rosa Maria |
BookMark | eNqNir0OgkAQhK_ARFDf4So7Eg4kYO1PtLGyJyfs6ZpjD9mj4O0V4wM4zeSbbyIRkCMIRKhUquIiKdVcRMzP5JMyT0Nx2aMx0AN51Fa2rvfaoh-lpkb6B8gGGO8knfnSebKaJI_soZ3WbrhZrGUHxOiIl2JmtGVY_Xoh1sfDdXeKu969BmBftcg1WKsJ3MBVVhTbTZmr7O_jG4hXQtc |
ContentType | Journal Article |
DBID | 8BJ FQK JBE |
DatabaseName | International Bibliography of the Social Sciences (IBSS) International Bibliography of the Social Sciences International Bibliography of the Social Sciences |
DatabaseTitle | International Bibliography of the Social Sciences (IBSS) |
DatabaseTitleList | International Bibliography of the Social Sciences (IBSS) |
DeliveryMethod | fulltext_linktorsrc |
Discipline | Geography Economics |
EndPage | 78 |
GroupedDBID | .3N .GA .Y3 05W 0R~ 10A 1OB 1OC 29L 31~ 33P 4.4 50Y 50Z 51W 51Y 52M 52O 52Q 52S 52T 52U 52W 5GY 5HH 5LA 5VS 66C 702 7PT 8-0 8-1 8-3 8-4 8-5 8BJ 8UM 8VB 930 A04 AABNI AAESR AAHHS AAONW AAOUF AASGY AAVTF AAXRX AAZKR ABCQN ABCUV ABLJU ABPVW ABSOO ACAHQ ACBKW ACBWZ ACCFJ ACCZN ACGFS ACPOU ACXQS ADBBV ADEMA ADEOM ADIZJ ADKYN ADMGS ADXAS ADZMN AEEZP AEIGN AEIMD AEMOZ AEQDE AEUQT AEUYR AFBPY AFEBI AFFPM AFGKR AFKFF AFPWT AFZJQ AHBTC AIFKG AIURR AIWBW AJBDE AKVCP ALAGY ALMA_UNASSIGNED_HOLDINGS ALUQN AMBMR AMYDB ASPBG ASTYK AVWKF AZBYB AZFZN AZVAB BAFTC BDRZF BFHJK BMXJE BNVMJ BQESF BROTX BRXPI BY8 CAG COF CS3 D-C D-D DC6 DCZOG DJZPD DPXWK DR2 DRFUL DRSSH DU5 EBA EBO EBR EBS EBU EJD EMK EOH F00 F01 FEDTE FQK G-S G.N G50 GODZA HGLYW HVGLF HZI HZ~ IHE IX1 J0M JBE K1G K48 LATKE LC2 LC4 LEEKS LH4 LITHE LOXES LP6 LP7 LUTES LW6 LYRES MEWTI MK4 MRFUL MRSSH MSFUL MSSSH MXFUL MXSSH N04 N06 N9A NF~ O66 O9- OIG P2P P2W P2Y P4C PQQKQ Q.N Q11 QB0 QWB R.K ROL RX1 SUPJJ TH9 UB1 W8V W99 WBKPD WEBCB WIH WII WOHZO WQZ WRC WSUWO WXSBR XG1 ZL0 ZZTAW ~IA ~WP |
ID | FETCH-proquest_miscellaneous_377948513 |
ISSN | 1121-7081 |
IngestDate | Sat Aug 17 00:43:08 EDT 2024 |
IsPeerReviewed | true |
IsScholarly | true |
Issue | Special |
Language | English |
LinkModel | OpenURL |
MergedId | FETCHMERGED-proquest_miscellaneous_377948513 |
Notes | ObjectType-Article-2 SourceType-Scholarly Journals-1 content type line 23 ObjectType-Feature-1 |
PQID | 37794851 |
PQPubID | 23473 |
ParticipantIDs | proquest_miscellaneous_37794851 |
PublicationCentury | 2000 |
PublicationDate | 20030101 |
PublicationDateYYYYMMDD | 2003-01-01 |
PublicationDate_xml | – month: 01 year: 2003 text: 20030101 day: 01 |
PublicationDecade | 2000 |
PublicationTitle | Labour (Rome, Italy) |
PublicationYear | 2003 |
SSID | ssj0000852 |
Score | 3.174315 |
Snippet | This paper considers the issue of actuarial fairness of the new Italian public pension system in view of the recent trends in old-age mortality and the... |
SourceID | proquest |
SourceType | Aggregation Database |
StartPage | 45 |
SubjectTerms | Ageing Class Demography Gender Geography Industrial relations Italy Labour Market Mortality Pensions |
Title | Differential mortality and the design of the Italian system of public pensions |
URI | https://search.proquest.com/docview/37794851 |
Volume | 17 |
hasFullText | 1 |
inHoldings | 1 |
isFullTextHit | |
isPrint | |
link | http://utb.summon.serialssolutions.com/2.0.0/link/0/eLvHCXMwnV1NT4NAEN3YXvRi_Izf7sF4w5QWSzmaflhNUxOlSW9kF5ZIotAAPbS_3tmdhdJoUvVCYMMC4bG7k8ebeYTchA0WmDxoGxBbMMMKeGg4oWMbvs3NtgiZ9CyUaotxezixnqf308JoXGeX5PzOX_6YV_IfVKENcJVZsn9AtrwoNMA-4AtbQBi2v8K4p91Nckl7f6pAWgbVhSgyUOqMQgXwlCOlgbWbldIZS1zPpIa9YO3K1GjJdiK_gD7qsvuiwht0Yfn7wNzqx5QtI4HuRXqeTZnvK7tgdO5IVoRpyiMtJ8sk65uXnUbRLItQ7J0xmUMUsTVKolWhJHAWNZumYTfQi6WcZu3K5_Q2E_KPQGXmxKKSeg1GV5_16tjjF28wGY08tz91a6TWMqWAs_daKRbWUf5K5c2_ra4qZHD3yK6O9ekDArdPtkR8QLaLVPAM9rUF_fvikIyrYNISTApgUoCPIpg0CdWRBpMimLIVwaQFmEfkdtB3u0OjeDgPBrT8S8NikcwzT1aAtCAObh2TepzE4oRQCNMZjKWmLBlhOa3AYZx1HJs7wvIDWLFOyfWGi51tPOOc7KygvCD1PJ2LS4i3cn6lXvMXoNE57A |
link.rule.ids | 315,786,790 |
linkProvider | Wiley-Blackwell |
openUrl | ctx_ver=Z39.88-2004&ctx_enc=info%3Aofi%2Fenc%3AUTF-8&rfr_id=info%3Asid%2Fsummon.serialssolutions.com&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.atitle=Differential+mortality+and+the+design+of+the+Italian+system+of+public+pensions&rft.jtitle=Labour+%28Rome%2C+Italy%29&rft.au=Caselli%2C+Graziella&rft.au=Peracchi%2C+Franco&rft.au=Barbi%2C+Elisabetta&rft.au=Lipsi%2C+Rosa+Maria&rft.date=2003-01-01&rft.issn=1121-7081&rft.volume=17&rft.issue=Special&rft.spage=45&rft.epage=78&rft.externalDBID=NO_FULL_TEXT |
thumbnail_l | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/lc.gif&issn=1121-7081&client=summon |
thumbnail_m | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/mc.gif&issn=1121-7081&client=summon |
thumbnail_s | http://covers-cdn.summon.serialssolutions.com/index.aspx?isbn=/sc.gif&issn=1121-7081&client=summon |