Do funded pensions contribute to higher aggregate savings? A cross-country analysis
AbstractThis paper provides statistically significant international evidence on the interaction between funded pensions and aggregate savings, after controlling for country-specific effects and for other saving determinants that have typically been identified in earlier cross-country studies. Using panel data for eleven countries (both OECD and non-OECD), this study goes beyond earlier work which has been based on individual country studies only (which have suffered from a small number of degrees of freedom). Building several proxies of pension wealth based on internationally comparable pension fund and life insurance data, the paper estimates the relationship between aggregate saving rates and pension wealth using ordinary least squares and two-stage least squares over the 1982-93 period. The empirical analysis supports the predictions of a simple two-period life-cycle saving model that incorporates tax treatment of pension returns, population heterogeneity, capital market imperfection and ... A partir dâune analyse statistique de donnÃ©es internationales, ce document dÃ©montre lâexistence dâune interaction entre les systÃ¨mes de retraite par capitalisation et lâÃ©pargne agrÃ©gÃ©e. Cette relation est Ã©tablie aprÃ¨s neutralisation des spÃ©cificitÃ©s nationales et des autres dÃ©terminants de lâÃ©pargne identifiÃ©s dans des Ã©tudes comparatives internationales antÃ©rieures. Les donnÃ©es couvrent onze pays (Membres et non membres de lâOCDE), ce qui permet Ã lâanalyse de complÃ©ter les travaux prÃ©cÃ©dents fondÃ©s sur de simples Ã©tudes de cas (et donc contraintes par le petit nombre des degrÃ©s de libertÃ©). Plusieurs variables approchÃ©es du capital retraite sont construite Ã partir de donnÃ©es internationales comparables sur les fonds de pension et les systÃ¨mes dâassurance-vie. Sur cette base est proposÃ©e une estimation de la relation entre les taux dâÃ©pargne agrÃ©gÃ©e et le capital retraite, Ã partir de la mÃ©thode des moindres carrÃ©s ordinaires et
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Bibliographic InfoArticle provided by Springer in its journal Weltwirtschaftliches Archiv.
Volume (Year): 134 (1998)
Issue (Month): 4 (December)
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Other versions of this item:
- Jeanine Bailliu & Helmut Reisen, 1997. "Do Funded Pensions Contribute to Higher Aggregate Savings?: A Cross-Country Analysis," OECD Development Centre Working Papers 130, OECD Publishing.
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Philip Cagan, 1965. "The Effect of Pension Plans on Aggregate Saving: Evidence from a Sample Survey," NBER Books, National Bureau of Economic Research, Inc, number caga65-2.
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- Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
- Masson, Paul R & Bayoumi, Tamim & Samiei, Hossein, 1998.
"International Evidence on the Determinants of Private Saving,"
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- Paul R. Masson & Tamim Bayoumi & Hossein Samiei, 1995. "International Evidence on the Determinants of Private Saving," IMF Working Papers 95/51, International Monetary Fund.
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