The effects of financial markets and social security on saving and fertility behaviour in Italy.

摘要: The paper aims to ascertain the extent which saving and fertility decisions are affected by availability attractiveness of market-based or state-provided alternatives family as a source old-age support. Subordinately, bring evidence bear on assumption that is endogenous jointly determined with saving, test two alternative hypotheses about individual motivations. implications models choice — based one pure self-interest, other intergenerational altruism first derived theoretically. Saving equations then estimated from Italian time-series data, using explanatory variables market rate interest, social security deficit, various measures capital accessibility coverage, number income wage variables. Particularly worthy note result fully-funded increase in coverage raises while an deficit has opposite effect. empirical findings appear support favour hypothesis motivated self-interest rather than altruism. Some policy briefly discussed concluding section.