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Do private pensions increase national savings?

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Author Info

  • Feldstein, Martin

Abstract

This paper discusses how private pension programs differ from public social security in their likely impact on aggregate saving. Although private pensions are likely to reduce direct saving by employees, this should be offset by the combination of companies' partial funding and the shareholders response to unfunded liabilities. In contrast to several earlier empirical studies that implied that social security does depress national saving, the current time series evidence suggests that the growth of private pensions has not had an adverse effect on saving and may have increased saving by a small amount.

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File URL: http://www.sciencedirect.com/science/article/B6V76-45BCV7D-F/2/1954e708d955fe740d404908a2cdced1
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Public Economics.

Volume (Year): 10 (1978)
Issue (Month): 3 (December)
Pages: 277-293

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Handle: RePEc:eee:pubeco:v:10:y:1978:i:3:p:277-293

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Web page: http://www.elsevier.com/locate/inca/505578

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References

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  1. Martin Feldstein & Anthony J. Pellechio, 1980. "Social Security and Household Wealth Accumulation: New Microeconomic Evidence," NBER Working Papers 0206, National Bureau of Economic Research, Inc.
  2. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
  3. Schoeplein, Robert N, 1970. "The Effect of Pension Plans on Other Retirement Saving," Journal of Finance, American Finance Association, vol. 25(3), pages 633-37, June.
  4. Oldfield, George S, Jr, 1977. "Financial Aspects of the Private Pension System," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 9(1), pages 48-54, February.
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Citations

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Cited by:
  1. Martin Feldstein, 1979. "International Differences in Social Security and Saving," NBER Working Papers 0355, National Bureau of Economic Research, Inc.
  2. Olivia S. Mitchell & James F. Moore, 1997. "Retirement Wealth Accumulation and Decumulation: New Developments and Outstanding Opportunities," NBER Working Papers 6178, National Bureau of Economic Research, Inc.
  3. David Blake, 2002. "The impact of wealth on consumption and retirement behaviour in the UK," LSE Research Online Documents on Economics 24949, London School of Economics and Political Science, LSE Library.
  4. Martin Janssen & Heinz Müller, 1983. "Die Substitutionswirkungen zwischen kollektiver Vorsorge und privatem Sparen in der Schweiz," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 119(II), pages 139-145, June.
  5. Martin Feldstein, 1982. "Private Pensions as Corporate Debt," NBER Chapters, in: The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, pages 75-90 National Bureau of Economic Research, Inc.
  6. Mark Gersovitz, 1980. "Economic Consequences of Unfunded Vested Pension Benefits," NBER Working Papers 0480, National Bureau of Economic Research, Inc.
  7. Davis, E.P. & DEC, 1993. "The structure, regulation, and performance of pension funds in nine industrial countries," Policy Research Working Paper Series 1229, The World Bank.
  8. Hidalgo, Pedro & Manzur, Enrique & Olavarrieta, Sergio & Fari­as, Pablo, 2008. "Customer retention and price matching: The AFPs case," Journal of Business Research, Elsevier, vol. 61(6), pages 691-696, June.
  9. Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series 2421, The World Bank.
  10. E Philip Davis, 1996. "The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour," RBA Annual Conference Volume, in: Malcom Edey (ed.), The Future of the Financial System Reserve Bank of Australia.
  11. Benjamin M. Friedman, 1980. "Effects of Shifting Saving Patterns on Interest Rates and Economic Activity," NBER Working Papers 0587, National Bureau of Economic Research, Inc.
  12. Gary V. Engelhardt, 2000. "Have 401(k)s Raised Household Saving? Evidence from the Health and Retirement Study," Social and Economic Dimensions of an Aging Population Research Papers 33, McMaster University.
  13. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
  14. El Mekkaoui de Freitas, Najat & Mourougane, Annabelle & Ralle, Pierre, 2002. "Do private pension funds increase household consumption ? An empirical study," Economics Papers from University Paris Dauphine 123456789/6125, Paris Dauphine University.

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