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Do Private Pensions Increase National Saving?

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  • Martin Feldstein

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.nber.org/papers/w0186.pdf
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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0186.

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Date of creation: Jan 1980
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Handle: RePEc:nbr:nberwo:0186

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  1. 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.
  2. Barro, Robert J., 1974. "Are Government Bonds Net Wealth?," Scholarly Articles 3451399, Harvard University Department of Economics.
  3. 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.
  4. 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.
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Cited by:
  1. 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.
  2. Martin Feldstein, 1982. "Private Pensions as Corporate Debt," NBER Working Papers 0703, National Bureau of Economic Research, Inc.
  3. 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.
  4. 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.
  5. E.P. Davis, 1996. "The Role of Institutional Investors in the Evolution of Financial Structure and Behaviour," FMG Special Papers sp89, Financial Markets Group.
  6. 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.
  7. Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings, stock, and asset markets," Policy Research Working Paper Series 2490, The World Bank.
  8. 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.
  9. 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.
  10. 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.
  11. Mark Gersovitz, 1980. "Economic Consequences of Unfunded Vested Pension Benefits," NBER Working Papers 0480, National Bureau of Economic Research, Inc.
  12. 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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