标题：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)
摘要：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
关键词：Demographics, Elderly, Housing, Mortgage, Pension, Public Pension, Residential
