by Andrea Buffa and Chiara Monticone; WP CERP N° 50/06
The decline in saving rates experienced by some European countries has raised concerns about the importance of a country’s wealth accumulation, in particular in light of a more fair but less generous pension system. This paper carries out a macroeconomic analysis of the impact of pension reforms implemented in the nineties on private saving. The evidence shows no tendency for saving to change in the post-reform period, which is consistent with preliminary results on pension reforms in the eighties. We conclude that the adequacy of saving can not find a source of improvement in the pension reforms of the last decade.