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Effizienz der staatlichen Riester-Förderung - Eine empirische Analyse mit dem Sozio-oekonomischen Panel (SOEP)
[Effectiveness of the public Riester subsidies - An empirical analysis using the Socio-Economic Panel (SOEP)]

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  • Honekamp, Ivonne

Abstract

While private pensions have long been an integral part of old age insurance in America, it is now also in Germany on the rise. To increase the attractiveness and acceptance of private pension provision in the population, saving incentives have been used. In Germany, a Riester saver expects a savings subsidy and a special expense deduction. In addition, all contributions to private retirement provision are taxed downstream. The incentive design is at the expense of the state budget, so the question of the efficiency of savings incentives, such as the Riester pension is an issue of central importance. Empirical studies that have addressed the effective-ness of savings incentives, have thereby limited solely to the effect on the savings rate. The results of these papers are very different. In this work the efficiency of the Riester-subsidy has a much wider interpretation. In particular, one should not limit the usefulness of such a fund-ing measure only on increasing the savings rate. As a fact can be established that an increase of signed Riester contracts is already a benefit of increased funding, depending on the kind of saving which had been substituted. An empirical analysis based on data from the Socio-Economic Panel shows that the objectives have already partly been achieved since many the likelihood of signing a Riester contract increases with the number of children. Additionally individuals with low income are increasingly signing Riester contracts.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 27020.

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Date of creation: 26 May 2008
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Handle: RePEc:pra:mprapa:27020

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Keywords: Riester; effectiveness; subsidies; analysis; Socio-Economic Panel; SOEP;

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References

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  1. R. Glenn Hubbard & Jonathan S. Skinner, 1996. "Assessing the Effectiveness of Saving Incentives," NBER Working Papers 5686, National Bureau of Economic Research, Inc.
  2. Poterba, J.M. & Venti, S.F. & Wise, D.A., 1992. "401(k) Plans and Tax-Deferred Savings," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 92-14, Massachusetts Institute of Technology (MIT), Department of Economics.
  3. Gale, W.G. & scholz, J.K., 1992. "IRAS and Household Saving," Papers, Tilburg - Center for Economic Research 9244, Tilburg - Center for Economic Research.
  4. Caballero, Ricardo J., 1990. "Consumption puzzles and precautionary savings," Journal of Monetary Economics, Elsevier, Elsevier, vol. 25(1), pages 113-136, January.
  5. Elie Appelbaum & Richard G. Harris, 1978. "Imperfect Capital Markets and Life-Cycle Saving," Canadian Journal of Economics, Canadian Economics Association, Canadian Economics Association, vol. 11(2), pages 319-24, May.
  6. Patricia Apps & Ray Rees, 2004. "Life Cycle Time Allocation and Saving in an Imperfect Capital Market," CEPR Discussion Papers, Centre for Economic Policy Research, Research School of Economics, Australian National University 475, Centre for Economic Policy Research, Research School of Economics, Australian National University.
  7. Leslie E. Papke & Mitchell Petersen & James M. Poterba, 1993. "Did 401(k) Plans Replace Other Employer Provided Pensions?," NBER Working Papers 4501, National Bureau of Economic Research, Inc.
  8. James J. Heckman, 1981. "Heterogeneity and State Dependence," NBER Chapters, National Bureau of Economic Research, Inc, in: Studies in Labor Markets, pages 91-140 National Bureau of Economic Research, Inc.
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