How to strengthen the credibility of the Italian pension reform

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<title>How to strengthen the credibility of the Italian pension reform</title>
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<namePart>Fornero, Elsa</namePart>
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<abstract displayLabel="Summary">As a result of the reform process undertaken in the 1990s, the italian pension system has replaced a generous but unsustainable defined benefit form law with a notional defined contribution formula an dopened the path for voluntary-based second and third pillars. While the reform has put the system on a sustainable path, its most relevant side effects consiste in the transfer of the pension risk to the individuals, who are then more exposed to the consequences of unfavourable economic cycles and to financial crises</abstract>
<note type="statement of responsibility">Flavia Coda Moscarola, Elsa Fornero</note>
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<topic>Reforma financiera</topic>
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<subject authority="lcshac" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="MAPA20080554927">
<topic>Jubilación</topic>
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<topic>Edad de jubilación</topic>
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<topic>Mercado de trabajo</topic>
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<topic>Sistemas de pensiones</topic>
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<geographic>Italia</geographic>
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<title>Geneva papers on risk and insurance : issues and practice</title>
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<publisher>Geneva : The Geneva Association, 1976-</publisher>
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<identifier type="issn">1018-5895</identifier>
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<text>01/10/2009 Tomo 34 Número 4  - 2009 , p. 591-601</text>
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