Suchergebnisse

Objectives: This study examines the effectiveness of a formal financial education program for improving the financial literacy of primary school children and how this effectiveness is influenced by informal financial education provided by parents, such as giving pocket money and discussing money matters. Method: A quasi field experiment was carried out at the Museum of Saving in Turin where children participated in a financial education program (the treatment). The first two out of three classes that arrived at the museum were assigned to the treatment group and the third one to the comparison group. Difference-in-differences models are estimated using financial literacy data from a pretest taken about 1 week before the visit to the museum and a posttest taken on the day of the visit; just before starting with the program at the museum for the comparison group and just after program completion for the treatment group. Results: In line with previous studies, we find that our formal financial education program had a positive effect on the financial literacy of primary school children. The empirical findings provide weak evidence that this effect of formal financial education is stronger for children who received informal financial education from their parents. Conclusions: Our study contributes to the previous literature by presenting further evidence that a short extra-curricular course can be effective in increasing economic and financial literacy among students. Furthermore, we present suggestive evidence—worth of further research—that informal financial education can reinforce the effect of formal financial education. JEL Codes: A29, C93, G40.

As they were just coming out of the COVID-19 pandemic, Southern European nations were confronted with a new shock to their economies – this time in the form of a steep rise in prices. This article describes and typifies the social policy responses and measures adopted in Greece, Italy, Portugal and Spain in response to rising inflation. We find that Southern European (SE) governments have put forward a substantive fiscal response – which compares well with that of its neighbours, and even with the previous crisis. The thrust of the response was targeted at limiting the pass-through of international energy prices to consumers. This was complemented, albeit to a lesser degree, with direct support to families. Nevertheless, we do find important differences concerning the weight given to (traditional) welfare transfers, and the role given to indexation mechanisms and wage increases. We also find important continuities with the model of crisis-response adopted during the pandemic.

AbstractThis paper aims to describe and discuss the significance of the social policy measures implemented in Southern European countries—Greece, Italy, Portugal and Spain—in response to the first wave of COVID‐19. Our analysis covers interventions from 1 March to June 30, 2020. Despite significant differences in how the COVID‐19 pandemic spread—with Italy and Spain experiencing much higher rates of infection and lethality—Southern European economies are among the most hard‐hit—and are likely to find themselves in the eye of the storm, once more. The paper shows that despite differences in how countries have countered the spread of COVID‐19, there are important commonalities in the actions governments took to counteract the economic impact of the pandemic. Foremost efforts were directed at wage subsidy schemes to contain mass job destruction, additional temporary benefits to compensate self‐employed and other non‐standard workers for the loss of earnings; the expansion of unemployment insurance; and finally, the introduction and/or strengthening of schemes to provide support to families with care responsibilities. The scale of the social policy and employment protection response has nevertheless been constrained by the fiscal position of each individual country in the post‐Euro crisis context. We argue that, in the long run, the response capacity of these governments and the social and economic consequences of this crisis will need to be contextualised against the backdrop of the deep and prolonged impact of austerity‐driven measures on public budgets, production and welfare regimes over the last decade.

Policy discussions on pension systems generally focus on their sustainability and design, including retirement age, income reference and contributory period, with relatively little attention devoted to the tax treatment of pension contributions and pension benefits. However, tax expenditures - defined as deviations from an agreed benchmark tax system - are widely used in EU Member States, and little is known about their fiscal and distributional impact. This paper quantifies the fiscal and distributional impact of tax expenditures related to public and private contributory pension schemes, affecting both contributions and pension benefits, in 28 European countries using EUROMOD, the EU-wide microsimulation model. We find that pension-related tax expenditures can have a sizeable impact on revenue and strong effects on inequality and poverty. Tax expenditures tend to be progressive on two levels: first, among pensioners, by favoring those with lower incomes, mainly as a result of the preferential treatment given to pension incomes; and, second, among people of working age, through a partial or no deduction of pension contributions, draining resources from those at the top of the income distribution. Moreover, embracing a lifetime perspective, tax expenditures tend to redistribute resources in favor of women and low educated individuals.

Tax expenditures (TEs) are preferential tax treatments granted to specific individuals or categories of households, with the aim of achieving social and economic goals. They are widely used by EU Member States. However, their fiscal and equity impacts are not always clear and their effectiveness and efficiency as a policy instrument need to be carefully evaluated, especially in the present context of constrained public finances. This article quantifies the fiscal and equity effects of social TEs related to housing, education and health in 28 European countries making use of EUROMOD, the EU-wide microsimulation model. We find a variety of effects, in terms of sign and magnitude, across Member States, and within these, among types of households. Overall, our findings suggest that the impact of TE on tax revenues and on income inequalities can be sizable. The redistributive impact of removing TEs can go in both directions, either on the progressive or regressive side, depending on the country and the TE considered.

Tax expenditures are preferential tax treatments granted to specific individuals or categories of households which aim at achieving social and economic goals. They are widely used by EU Member States. However, their fiscal and equity impacts are not always clear and their effectiveness and efficiency as a policy instrument need to be carefully evaluated, especially in the present context of constrained public finances. This paper quantifies the fiscal and equity effects of social tax expenditures related to housing, education and health in 27 European countries making use of EUROMOD, the EU-wide microsimulation model. We find a variety of effects, in terms of sign and magnitude, across Member States, and within these, among types of households. Overall our findings suggest that the impact of tax expenditure on tax revenues and on income inequalities can be sizeable. The redistributive impact of removing tax expenditures can go both directions, either on the progressive or regressive side, depending on the country and the tax expenditure considered.