The Italian Pension System: A Compact Historical Overview (1898-1970)
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Abstract
This paper provides a compact overview of the evolution and the development of the pension system, in the period between 1898 and 1970, focusing on the aspect of financial equilibrium. After a brief review of the origins of the Italian social security system, the technical methods of financing are considered, analysing the reasons for the crisis of the capital-funded pension scheme and the adoption of the pay-as-you-go scheme.
Keywords
- Social Security System
- Capital-Funded Pension Scheme
- Pay-As-You-Go
