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Is Pension Reform Conducive to Higher Saving?

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  • Andrew A. Samwick

Abstract

Declining fertility, mortality, and productivity rates in developed countries and the popularity of the social security privatization in Chile as a pathway to financial development have sparked a global interest in social security reform. This paper analyzes the effect of social security on saving using a panel of countries over 25 years. Variation in the characteristics of social security systems is used to determine whether less reliance on a pay-as-you-go, unfunded system is associated with higher national saving. There is little evidence that countries that implement defined-contribution reforms have higher trends in saving rates after the reform. Cross-sectionally, countries with pay-as-you-go systems tend to have lower saving rates, and this effect increases with the coverage rate on the system. © 2000 by the President and Fellows of Harvard College and the Massachusetts Institute of Technology

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Bibliographic Info

Article provided by MIT Press in its journal The Review of Economics and Statistics.

Volume (Year): 82 (2000)
Issue (Month): 2 (May)
Pages: 264-272

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Handle: RePEc:tpr:restat:v:82:y:2000:i:2:p:264-272

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Cited by:
  1. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series, The World Bank 2490, The World Bank.
  2. Axel H. Boersch-Supan & Joachim K. Winter, 2001. "Population Aging, Savings Behavior and Capital Markets," NBER Working Papers 8561, National Bureau of Economic Research, Inc.
  3. Dietz, Simon & Neumayer, Eric & De Soysa, Indra, 2007. "Corruption, the resource curse and genuine saving," Environment and Development Economics, Cambridge University Press, Cambridge University Press, vol. 12(01), pages 33-53, February.
  4. Chang-Tai Hsieh & Jonathan A. Parker, 2006. "Taxes and Growth in a Financially Underdeveloped Country: Evidence from the Chilean Investment Boom," NBER Working Papers 12104, National Bureau of Economic Research, Inc.
  5. Zandberg, Eelco & Spierdijk, Laura, 2013. "Funding of pensions and economic growth: are they really related?," Journal of Pension Economics and Finance, Cambridge University Press, Cambridge University Press, vol. 12(02), pages 151-167, April.
  6. Sara Eugeni, 2013. "An OLG model of global imbalances," Discussion Papers, Department of Economics, University of York 13/05, Department of Economics, University of York.
  7. Ashok Thomas & Luca Spataro, 2013. "Pension funds and Market Efficiency: A review," Discussion Papers, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy 2013/164, Dipartimento di Economia e Management (DEM), University of Pisa, Pisa, Italy.
  8. Sahoo, Pravakar & Dash, Ranjan Kumar, 2013. "Financial sector development and domestic savings in South Asia," Economic Modelling, Elsevier, Elsevier, vol. 33(C), pages 388-397.
  9. Alfredo Marvão Pereira & Jorge M. Andraz, 2014. "On The Long-Term Macroeconomic Effects Of Social Security Spending:Evidence For 12 Eu Countries," Working Papers, Department of Economics, College of William and Mary 150, Department of Economics, College of William and Mary.
  10. Camille Logeay & Volker Meinhardt & Katja Rietzler & Rudolf Zwiener, 2009. "Gesamtwirtschaftliche Folgen des kapitalgedeckten Rentensystems," IMK Report, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 43-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  11. Alfredo Marvão Pereira & Jorge M. Andraz, 2014. "On The Long-Term Macroeconomic Effects Of Social Spending In The United States," Working Papers, Department of Economics, College of William and Mary 151, Department of Economics, College of William and Mary.
  12. Isaac Ehrlich & Jinyoung Kim, 2005. "Social Security, Demographic Trends, and Economic Growth: Theory and Evidence from the International Experience," NBER Working Papers 11121, National Bureau of Economic Research, Inc.
  13. Norman Loayza & Klaus Schmidt-Hebbel & Luis Servén, 2001. "Una Revisión del Comportamientoy de los Determinantes del Ahorro en el Mundo," Working Papers Central Bank of Chile, Central Bank of Chile 95, Central Bank of Chile.
  14. Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series, The World Bank 2421, The World Bank.
  15. Clovis Kerdrain & Isabell Koske & Isabelle Wanner, 2010. "The Impact of Structural Policies on Saving, Investment and Current Accounts," OECD Economics Department Working Papers, OECD Publishing 815, OECD Publishing.
  16. Clovis Kerdrain & Isabell Koske & Isabelle Wanner, 2011. "Current Account Imbalances: can Structural Reforms Help to Reduce Them?," OECD Journal: Economic Studies, OECD Publishing, OECD Publishing, vol. 2011(1), pages 1-44.
  17. Volker Meinhardt & Katja Rietzler & Rudolf Zwiener, 2009. "Konjunktur und Rentenversicherung - gegenseitige Abhängigkeiten und mögliche Veränderungen durch diskretionäre Maßnahmen," IMK Studies, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute 03-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
  18. Lopez Murphy, Pablo & Musalem, Alberto R., 2004. "Pension funds and national saving," Policy Research Working Paper Series, The World Bank 3410, The World Bank.
  19. Heikki Oksanen, 2005. "Actuarial Neutrality across Generations Applied to Public Pensions under Population Ageing: Effects on Government Finances and National Saving," CESifo Working Paper Series, CESifo Group Munich 1501, CESifo Group Munich.
  20. Michiel Bijlsma & Ferry Haaijen & Casper van Ewijk, 2014. "Economic growth and funded pension systems," CPB Discussion Paper, CPB Netherlands Bureau for Economic Policy Analysis 279, CPB Netherlands Bureau for Economic Policy Analysis.

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