L'impact des systèmes de retraite sur l'épargne public et privée est important -- l'épargne établit un lien essentiel entre le comportement d'aujourd'hui et le niveau de vie de demain. Après un rapide suivi des systèmes de pensions dans certains pays de l'OCDE, cet article passe en revue la littérature empirique. Deux questions fondamentales se présentent : le taux d'épargne national est-il diminué par un système de pensions par répartition (sans fonds) ? Les comptes d'épargne bénéficiant d'avantages fiscaux, augmentent-t-ils ce taux national d'épargne ? Il est très difficile de quantifier, mais les réponses semblent être : "oui, jusqu'à l'équivalent de 30 pour cent de la dette implicite" ; et "oui, mais souvent peu sensiblement compte tenu des effets fiscaux." ...

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• Paul Sherlock O'Brien

The effect of pension systems on public and private saving is important - savings are a crucial link between decisions today and living standards tomorrow. This paper, following a brief overview of pension systems in some OECD countries, reviews the empirical literature. Two important questions are: do unfunded public pension schemes reduce national saving? Do tax-favoured private saving schemes increase national saving? Quantitative estimates are highly uncertain, but the answers appear to be, "yes, by up 30 per cent of the funding gap"; and "yes, but often not by very much when the fiscal effects are considered." ...

L'impact des systèmes de retraite sur l'épargne public et privée est important -- l'épargne établit un lien essentiel entre le comportement d'aujourd'hui et le niveau de vie de demain. Après un rapide suivi des systèmes de pensions dans certains pays de l'OCDE, cet article passe en revue la littérature empirique. Deux questions fondamentales se présentent : le taux d'épargne national est-il diminué par un système de pensions par répartition (sans fonds) ? Les comptes d'épargne bénéficiant d'avantages fiscaux, augmentent-t-ils ce taux national d'épargne ? Il est très difficile de quantifier, mais les réponses semblent être : "oui, jusqu'à l'équivalent de 30 pour cent de la dette implicite" ; et "oui, mais souvent peu sensiblement compte tenu des effets fiscaux." ...

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Paper provided by OECD Economics Department in its series OECD Economics Department Working Papers with number 200.

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2. Hamid Faruqee & Martin Mühleisen, . "Population Aging in Japan: Demographic Shock and Fiscal Sustainability," IMF Working Papers 01/40, International Monetary Fund. [Downloadable!]
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   • Faruqee, Hamid & Muhleisen, Martin, 2003. "Population aging in Japan: demographic shock and fiscal sustainability," Japan and the World Economy, Elsevier, vol. 15(2), pages 185-210, April. [Downloadable!] (restricted)
3. Lopez Murphy, Pablo & Musalem, Alberto R., 2004. "Pension funds and national saving," Policy Research Working Paper Series 3410, The World Bank. [Downloadable!]
4. E Philip Davis & Yuwei Hu, 2004. "Is There A Link Between Pension-Fund Assets And Economic Growth? - A Cross-Country Study," Economics and Finance Discussion Papers 04-23, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
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   • E Philip Davis & Yuwei Hu, 2004. "Is There A Link Between Pension-Fund Assets And Economic Growth? - A Cross-Country Study," Public Policy Discussion Papers 04-23, Economics and Finance Section, School of Social Sciences, Brunel University. [Downloadable!]
5. Sergio Cesaratto, 2002. "The Economics of Pensions: a non-conventional approach," Review of Political Economy, Taylor and Francis Journals, vol. 14(2), pages 149-177, April. [Downloadable!] (restricted)

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