This 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 d’une analyse statistique de données internationales, ce document démontre l’existence d’une interaction entre les systèmes de retraite par capitalisation et l’épargne agrégée. Cette relation est établie après neutralisation des spécificités nationales et des autres déterminants de l’épargne identifiés dans des études comparatives internationales antérieures. Les données couvrent onze pays (Membres et non membres de l’OCDE), ce qui permet à l’analyse de compléter les travaux précédents fondés sur de simples études de cas (et donc contraintes par le petit nombre des degrés de liberté). Plusieurs variables approchées du capital retraite sont construite à partir de données internationales comparables sur les fonds de pension et les systèmes d’assurance-vie. Sur cette base est proposée une estimation de la relation entre les taux d’épargne agrégée et le capital retraite, à partir de la méthode des moindres carrés ordinaires et des doubles moindres carrés, sur la période 1982-93 ...
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