The Effects of Social Security on the Distribution of Wealth社会保障对财富分配的影响.pptVIP

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The Effects of Social Security on the Distribution of Wealth社会保障对财富分配的影响.ppt

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The Effects of Social Security on the Distribution of Wealth社会保障对财富分配的影响

The Effects of Social Security on the Distribution of Wealth in Italy Carlo Mazzaferro and Stefano Toso University of Bologna IARIW 29th General Conference Joensuu, Finland, August 20 – 26, 2006 Discussant: Panos Tsakloglou, Athens University of Economics and Business, Greece Aims of the paper To estimate an “augmented” concept of wealth for Italy, where total wealth is the sum of net worth (financial and real activities, net of liabilities) plus social security net wealth To estimate the composition and the distribution of total (i.e. augmented) wealth among Italian households in 1991-2002 To evaluate the distributive impact of social security wealth and the effects of pension reforms of the 1990s on wealth inequality Literature review Feldstein (1974, 1976) introduced the notion of social security wealth Since his contribution, most studies focused their attention on the estimation of the degree of substitutability between social security wealth (SSW) and private wealth Much less attention is devoted to distributive implication of the introduction and growth of public pension system on wealth distribution Some recent exceptions: Mc Garry (1999), Kennickell and Sunden (1999), Wolff (1987, 2003, 2005),Banks et al. (2005) Distributive impact of SSW on total wealth:main results of the literature SSW has a clear equalizing effect on the distribution of total wealth The distribution of SSW is more similar to the distribution of earnings than to that one of net worth Due to SSW, Gini index of total wealth in the US decreases by around 15 to 20 percent (Wolff 2005) Net worth is much more concentrated than SSW in the top 5 percent of the population Over time the mitigating effect of SSW on total wealth inequality in the US has been decreasing Existing studies on wealth distribution for Italy do not include an estimate of SSW and its distributive impact Jappelli and Pistaferri 2000: the distribution of net worth is more right-skewed and dispersed than the distribu