Chair:

Markku Kotilainen, ETLA

• The effects of population ageing on household portfolio choices in Italy
  Marianna Brunetti and Costanza Torricelli, University of Modena and Reggio Emilia and CEFIN
• The perspectives of development of Italian pension funds and the effects on the Italian and EMU area financial markets - A simulation model to 2050
  Mario Mariani, ref. – Ricerche per l’economia e la finanza, Angelo Marano,
  Ministry of Social Solidarity and University of Urbino and Valentina Ferraris, ref. – Ricerche per l’economia e la finanza
• Ageing, demographic uncertainty and optimal debt policies
  Casper van Ewijk, CPB, University of Amsterdam, Netspar, Ed Westerhout, CPB, Netspar, Alex Armstrong, CPB and Nick Draper, CPB

Discussant:

Paul van den Noord, European Commission DG ECFIN