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Papers by ignazio visco

A signifi cant ageing trend can be observed in Europe and in other parts of the world. Fertility ... more A signifi cant ageing trend can be observed in Europe and in other parts of the world. Fertility is decreasing and life expectancy increasing. The impact of migration is growing. The book deals with the implications for fi nancial markets of these demographic trends. Leading economists and fi nancial experts from Europe and the United States evaluate the challenges to public pension systems and the private pension industry. Based on long-term projections of productivity and employment they look at potential growth in GDP per capita and implications for savings and wealth. Pension fund portfolio management is discussed together with the ability of capital markets to serve retirement-fi nancing purposes. Fiscal as well as fi nancial sustainability are analysed in depth. The roles of global imbalances and international capital movements are included. Most chapters also discuss policy implications-in particular with regard to how pension saving incentives and rules and incentives for retirement should be in order to ensure fi scal and fi nancial sustainability. All contributions in the book are based on presentations at the 26th SUERF Colloquium on Money, Finance and Demography-the Consequences of Ageing held on 12-14 October, 2006 in Lisbon sponsored by Banco de Portugal and Millennium bcp and in cooperation with the

Oecd Journal Financial Market Trends, 2009

The implications of population ageing for financial markets have long been a subject of discussio... more The implications of population ageing for financial markets have long been a subject of discussion for public authorities, financial intermediaries and academics. Over time we have become aware that ageing has a deep impact on the structure of financial markets and, at the same time, that this structure strongly affects the way in which demographic trends spread through the real economy. A leading role in this process has been played by the OECD.  Keynote speech to the roundtable on "The impact of the payout phase on financial markets" at the OECD conference "The payout phase of pensions, annuities and financial markets", Paris, 12 November 2008. I am greatly indebted to Giuseppe Grande and Pietro Tommasino for their help and many useful discussions.

The Quarterly Journal of Economics, 1975

Moneta E Credito, Jun 23, 2014

Oxford Bull Econ Stat, 2009

This document has been reproduced as received from the person or organization originating it. Min... more This document has been reproduced as received from the person or organization originating it. Minor changes have been made to 1.

Diritto E Pratica Tributaria, 2013

Changes in social security laws and regulations which took place in the late sixties and early se... more Changes in social security laws and regulations which took place in the late sixties and early seventies apparently weakened the link between contributions and benefits permitting a time path of aggregate consumption in excess of what would have occured in the absence ...

European Economic Review, 1984

Braze and Sztifarz (a generalization of Doob's theorem on martingales to derive the unique reduce... more Braze and Sztifarz (a generalization of Doob's theorem on martingales to derive the unique reduced form of a general linear model like that conside& by Aoki and Canzoneri (1979) and DISCO (1981) col,taining rational expectati of the current endogenous variables made ir: several previous periods. hile results OK? martingales have been WWX!! in various articles' to solve linear models with rational expectations, they ha.ve been mainly suggested to solve models which contain expectations on future variables. Furthermore, BS method i's particularly si,mple and has much in common INith the solution technique utilized by Visco, where results on martingales are not considered. BS show that by means of their procedure there is no need of assumptions on the structure of the policy instruments in order to elimrnate from the model expectations of the endogenous variables. Particular policy rules can then be introduced at the very end of the procedure, after the redu,zed form of the model has been obtained, so that it is possible to simulate the efTects of altzrna:ive rules. It will be shown i.~ this comment that this possibf"rity is not cog9ined to BS method, since a&o t procedure suggested by Visco allows one to obtain an identical result. Consider the general linear model2 It-. = ,4Zp-If BiZ, It _ i + CX, + U,. i = 1.

This information is provided to you by IDEAS at the Department of Economics, College of Liberal A... more This information is provided to you by IDEAS at the Department of Economics, College of Liberal Arts and Sciences, University of Connecticut using RePEc data on a server sponsored by the Society for Economic Dynamics.