Le prospettive demografiche, l’edilizia residenziale e i fattori finanziari:la proposta di un nuovo strumento finanziario, il “MIpAIo” (Demographic Perspectives, Financial Factors and the Residential Building Sector: A New Financial Instrument)

Alberto Niccoli

Abstract


The paper deals with financial and demographic factors influencing the Italian residential building sector during the next decades. In particular, it is shown that, due to the reduction of public pensions coverage, many elderly people will enjoy inadequate incomes. Housing partnership and reverse mortgages, i.e. the sale of an equity stake in the ownership of their house, on the one hand, and mortgages to be paid back with the proceedings of the sale of the house at the end of their life, on the other, are a possible solution to the problem. Equity stakes in the limited partnership property of residential buildings are shown to have been a part of efficient portfolios for risk-averse investors in Italian financial markets, during the last ten years. The use of the new financial instrument to cover expenses for residential buildings maintenance and/or public investment in the urban and art sectors is also proposed.

 

 

 

JEL Codes: R31, H55, L74, J14, G21, J26

Keywords: Demographics, Elderly, Housing, Mortgage, Pension, Public Pension, Residential


Keyword


Demographics, Elderly, Housing, Mortgage, Pension, Public Pension, Residential

Full Text

PDF

Riferimenti bibliografici


BANCA D'ITALIA (2000), Relazione annuale per il 1999, Roma.

BARDOZZETTI, A. (2000), "Diffusione della proprietà della casa in Italia", tesi di laurea, Facoltà di Economia, Università degli Studi di Ancona.

CAPLIN, A., S. CHAN, C. FREEMAN e J. TRACY (1997), Housing Partnerships - A New Approach to a Market at a Crossroads, The MIT Press, Cambridge, Mass.

CASTELUNO, O. (1995) , "La previdenza sociale dalla riforma Amato alla riforma Dini", Rivista Internazionale di Scienze Sociali, anno cm, n. 3, luglio-settembre, pp. 457-72.

FORNERO, E. (1999), L'economia dei fondi pensione, il Mulino, Bologna.

HENDERSON, J.V. e Y.M. JOANNIDES (1983), "A mode! of housing tenure choice", Amencan Economie Review, voI. 73, no. 1, pp. 98-113.

MAYER, c.J. e K.V. SlMON (1994), "Reverse mortgages and the liquidity of housing wealth", AREUEA fournal, voI. 22, no. 2, pp. 235-55.

MEGBOLUGBE, I.F. (1994), "Options for elderly homeowners increase with reverse mortgages", Housing Research News, voI. 2, no. 3, pp. 1 e 3.

MERRILL, S.R., M. FINKEL e N.K. KuTTY (1994), "Potential beneficiaries from reverse mortgage products for e!derly homeowners - An analysis of American housing survey data", AREUEA fournal, voI. 22, no. 2, pp. 257-99.

MOSTACCI, R. e A. OCCHIUTO (1986), "L'evoluzione demografica e l'edilizia", in G. Fuà, a cura di, Conseguenze economiche dell'evoluzione demografica, il Mulino, Bologna, pp. 147-60.

NESE, A. (1999), "Housing demand in Italy: a microeconometric analysis", Giornale degli Economisti e Annali di Economia, voI. 58, n. 1, pp. 63-94.

OECD (1996), "Ageing populations, pension systems and government budgets: simulations for 20 OECD countries", Economie Department Working Paper, n. 168, Parigi.

OECD (1998), "Macroeconomic effects of pension reforms in the context of ageing populations: overlapping generations mode! simulations for 7 OECD countries", Economie Department Working Paper, n. 200, Parigi.

RIGAMONTI, S. (2000), "Fondi pensione: un'analisi comparata degli effetti derivanti dalla riforma della disciplina fiscale", Politica economica, n. 1, pp. 49-91.

ROSEN, C. (1974), "Hedonic prices and implicit markets: products differentiation in pure competition",fournal ofPolitical Economy, voI. 82, no. 1, pp. 34-55.

SHARPE W.F. (1966), "Mutuai fund performance", fournal of Business, voI. 39 (supplemento speciale di gennaio), pp. 119-38.

TRENT, T.R. (1994), "Elderly demographics and preferences indicate need for reverse mortgages", Housing Research News, voI. 2, no. 3, p. 3.


Refback

  • Non ci sono refbacks, per ora.


Copyright (c) 2016 Alberto Niccoli

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.

 

Con il contributo di  

ISSN 2037-3651

Reg. Tribunale di Roma n.377/2009 del 19/11/2009