Current Features and Future Problems of the Italian Pension System

The paper analyzes the issue of the financial sustainability of the Italian Pension System in the long-run, by discussing the main reforms occurred in the last few years and by examining some recent data: in particular, the data of the Italian Agency for the Evaluation of Social Security Expenditure on the budget of specific funds of the Social Security System, like the Fund for Private Employees and the Funds for Public Employees, and moreover the OECD data on the evolution of the replacement rate between pension benefit and labour income. Observing the evolution over the period 1989-2006, we notice that the current deficit of the first pillar of the pension system is caused, much more than in the past, by the deficit of the Funds for Public Employees, for the relevant difference between the value of the benefits and of the contributions, which is not registered in the other funds.pay-as-you-go system ; retirement age ; defined contribution ; financial sustainability ; replacement rate ; private pension funds

Competition and Economic Growth: an Empirical Analysis for a Panel of 20 OECD Countries

This paper aims at analyzing, from an empirical point of view, the relationship between product market competition and economic growth, using the data on multi-factor productivity for a panel of 20 OECD countries over a period 1995-2005, and considering the role of the distance from the technological frontier in the growth process. Section A examines the impact of economic freedom and of the distance to frontier on the level and on the growth rate of multi-factor productivity. The analysis distinguishes between the indicators of business freedom and trade freedom, as proxies for the competitive pressures coming from domestic market and from foreign market. Then, trade liberalizations are more beneficial for the countries far from the frontier, because they can exploit the opportunities given by international trade also in order to adopt the existing technologies developed by the advanced economies. On the other hand, business liberalizations are more advantageous for the countries close to the frontier, because the elimination of regulatory barriers increases the possibility of entry in the market and then rises the potential competition to the incumbent firms. Section B studies the effect of product market regulation, employment protection legislation and of the distance to frontier on the level and on the growth rate of multi-factor productivity. Product market liberalization as well as labour market deregulation determine an increase of total factor productivity: moreover, the interaction of market rigidities with the distance to the frontier mostly displays an innovationenhancing effect, since the positive effect of market liberalizations on TFP is higher for the countries close to the frontier, where the existing technology level would reinforce the incentive for innovation.multi-factor productivity; economic freedom; product market regulation; employment protection legislation; distance to frontier

Spin connection as Lorentz gauge field: propagating torsion

We propose a modified gravitational action containing besides the Einstein-Cartan term some quadratic contributions resembling the Yang-Mills lagrangian for the Lorentz spin connections. We outline how a propagating torsion arises and we solve explicitly the linearised equations of motion on a Minkowski background. We identify among torsion components six degrees of freedom: one is carried by a pseudo-scalar particle, five by a tachyon field. By adding spinor fields and neglecting backreaction on the geometry, we point out how only the pseudo-scalar particle couples directly with fermions, but the resulting coupling constant is suppressed by the ratio between fermion and Planck masses. Including backreaction, we demonstrate how the tachyon field provides causality violation in the matter sector, via an interaction mediated by gravitational waves.Comment: 7 pages, no figures, new section adde

Hydrodynamic charge and heat transport on inhomogeneous curved spaces

We develop the theory of hydrodynamic charge and heat transport in strongly interacting quasi-relativistic systems on manifolds with inhomogeneous spatial curvature. In solid-state physics, this is analogous to strain disorder in the underlying lattice. In the hydrodynamic limit, we find that the thermal and electrical conductivities are dominated by viscous effects, and that the thermal conductivity is most sensitive to this disorder. We compare the effects of inhomogeneity in the spatial metric to inhomogeneity in the chemical potential, and discuss the extent to which our hydrodynamic theory is relevant for experimentally realizable condensed matter systems, including suspended graphene at the Dirac point.Comment: 15+8 pages, 4+1 figures; v2: added references, published versio

Regularization dependence of the OTOC. Which Lyapunov spectrum is the physical one?

We study the contour dependence of the out-of-time-ordered correlation function (OTOC) both in weakly coupled field theory and in the Sachdev-Ye-Kitaev (SYK) model. We show that its value, including its Lyapunov spectrum, depends sensitively on the shape of the complex time contour in generic weakly coupled field theories. For gapless theories with no thermal mass, such as SYK, the Lyapunov spectrum turns out to be an exception; their Lyapunov spectra do not exhibit contour dependence, though the full OTOCs do. Our result puts into question which of the Lyapunov exponents computed from the exponential growth of the OTOC reflects the actual physical dynamics of the system. We argue that, in a weakly coupled $\Phi^4$ theory, a kinetic theory argument indicates that the symmetric configuration of the time contour, namely the one for which the bound on chaos has been proven, has a proper interpretation in terms of dynamical chaos. Finally, we point out that a relation between these OTOCs and a quantity which may be measured experimentally --- the Loschmidt echo --- also suggests a symmetric contour configuration, with the subtlety that the inverse periodicity in Euclidean time is half the physical temperature. In this interpretation the chaos bound reads $\lambda \leq \frac{2\pi}{\beta}= \pi T_{\text{physical}}$.Comment: Comment on regularization dependence in 2d-CFTs added. Published versio

Conformational control of anticancer activity: the application of arene-linked dinuclear ruthenium(II) organometallics

Dinuclear metal complexes have emerged as a promising class of biologically active compounds which possess unique anticancer activity. Here, we describe a novel series of arene-linked dinuclear organometallic Ru(II) complexes, where the relative conformation of the ruthenium centres is controlled by the stereochemical configuration of 1,2-diphenylethylenediamine linker moieties, as confirmed by X-ray crystallography. The reactivity and cytotoxicity of these compounds is compared to flexible dinuclear and mononuclear analogues, demonstrating in all cases the complexes can undergo aquation, coordinate to typical biological donor ligands and importantly, in the case of dinuclear analogues, crosslink oligonucleotide and peptide sequences. Differences in the conformation of the isomeric dinuclear compounds lead to significantly different levels of cytotoxicity against A2780, A2780cisR and HEK-293 cell lines; isomers with a closed conformation are significantly more cytotoxic than isomers with a more open conformation and they are also significantly less susceptible to acquired resistance mechanisms operating in the A2780cisR cell line. These rigid dinuclear compounds possess markedly increased cytotoxicity relative to the non-cytotoxic mononuclear analogues that does not appear to be related to differences in complex lipophilicity or cellular uptake, which, in general, remain similar in magnitude across the series. Thus, the molecular conformation of such dinuclear species may be crucial in determining the nature of the adducts formed on coordination to biological targets in a cellular environment, and opens up a novel route toward the development of more active metal-based anticancer agents

On a Class of Multistage Stochastic Hierarchical Problems

In this paper, following the multistage stochastic approach proposed by Rockafellar and Wets, we analyze a class of multistage stochastic hierarchical problems: the Multistage Stochastic Optimization Problem with Quasi-Variational Inequality Constraints. Such a problem is defined in a suitable functional setting relative to a finite set of possible scenarios and certain information fields. The key of this multistage stochastic hierarchical problem turns out to be the nonanticipativity: some constraints have to be included in the formulation to take into account the partial information progressively revealed. In this way, we are able to study real-world problems in which the hierarchical decision processes are characterized by sequential decisions in response to an increasing level of information. As an application of this class of multistage stochastic hierarchical problems, we focus on the study of a suitable Single-Leader-Multi-Follower game

The interaction between antitrust and intellectual property : the interoperability issue in the Microsoft Europe case

The present work analyzes the interaction between antitrust policy and intellectual property protection, with particular reference to the cases of refusal to supply, when it concerns ideas or inventions protected by an IP right. For this purpose, the paper preliminarily discusses the governing principles of antitrust policy on abuse of dominance and refusal to deal, as they have been implemented in the decisions of the EU Competition Authority, and it presents the specific issues related to the implementation of antitrust policy in the innovative industries. Then, the paper examines in particular the Microsoft Europe Case, as decided by the European Commission in 2004, focusing on the issue of the interoperability between the operating systems for personal computers and the operating systems for work group servers. The theoretical model, developed as an extension of the framework proposed by Choi and Stefanadis (2001) to the case of refusal to deal, suggests an explanation of the case, alternative to the one adopted by the Commission, if not necessarily in the final outcome of the decision, at least in the analytical arguments and in the dynamics of the market structure. In particular, we show that the refusal to supply the compatibility between the two complementary products was determined not only by the intention to leverage its dominant position to the adjacent market of server operating systems, but especially by the concern for keeping the monopoly on its core market, that is the one of PC operating system, given the future evolution of the software market, due to the diffusion of cloud computing