The introduction of a funded pension scheme to complement an existing payg scheme is often presented as a way of increasing savings. Indeed, agents expecting to benefit from a payg pension when they cease to work cut their retirement savings flows. But a comparison between countries with different retirement schemes contradicts this pattern. Nor does taking into account population structures explain per se the spread in savings between countries. This spread can only be justified by differences in expected returns or causes of uncertainty and a preference for the present. In continental Europe, the impact of pension scheme reforms on savings is thus uncertain.
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Article provided by CEPII research center in its journal La Lettre du CEPII.
Volume (Year): (2002) Issue (Month): 212 (May) Pages: Download reference. The following formats are available: HTML,
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Find related papers by JEL classification: J10 - Labor and Demographic Economics - - Demographic Economics - - - General J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business