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Saving for retirement and retirement investment choices

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Author Info
Monica Paiella
Andrea Tiseno

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Abstract

In this paper we focus on the recent restructuring of the Italian pension system and in particular on the reforms concerning the tax-favored retirement saving accounts. These reforms issued in the early and mid- 1990s reduced the riskiness of private retirement saving plans and their overall cost. We find that private pension saving incentives had little if any effect on household savings. Further, those workers who have experienced the most severe public pension cut are not significantly more likely to contribute to a private retirement plan, ceteris paribus. We find, however, that the pension fund legislation had a strong effect on the allocation of savings and triggered substantial substitution of non-tax-favored nonretirement wealth for tax-favored pension funds.

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File URL: http://economia.uniparthenope.it/ise/sito/DP/DP_1_2009.pdf
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Publisher Info
Paper provided by D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy in its series Discussion Papers with number 1_2009.

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Date of creation: 19 May 2009
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Handle: RePEc:prt:dpaper:1_2009

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Related research
Keywords: household savings; pension funds; social security reforms; difference-in-difference estimation;

Find related papers by JEL classification:
H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
D14 - Microeconomics - - Household Behavior - - - Personal Finance
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Hall, Robert E, 1988. "Intertemporal Substitution in Consumption," Journal of Political Economy, University of Chicago Press, vol. 96(2), pages 339-57, April. [Downloadable!] (restricted)
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  2. Poterba, James M & Venti, Steven F & Wise, David A, 1996. "How Retirement Saving Programs Increase Saving," Journal of Economic Perspectives, American Economic Association, vol. 10(4), pages 91-112, Fall. [Downloadable!] (restricted)
  3. Douglas Staiger & James H. Stock, 1997. "Instrumental Variables Regression with Weak Instruments," Econometrica, Econometric Society, vol. 65(3), pages 557-586, May.
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  4. Poterba, James M. & Venti, Steven F. & Wise, David A., 1995. "Do 401(k) contributions crowd out other personal saving?," Journal of Public Economics, Elsevier, vol. 58(1), pages 1-32, September. [Downloadable!] (restricted)
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  5. Orazio P. Attanasio & Agar Brugiavini, 2003. "Social Security And Households' Saving," The Quarterly Journal of Economics, MIT Press, vol. 118(3), pages 1075-1119, August. [Downloadable!] (restricted)
  6. Gale, William G & Scholz, John Karl, 1994. "IRAs and Household Saving," American Economic Review, American Economic Association, vol. 84(5), pages 1233-60, December. [Downloadable!] (restricted)
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  7. B. Douglas Bernheim & John Karl Scholz, 1993. "Private Saving and Public Policy," NBER Chapters, in: Tax Policy and the Economy, Volume 7, pages 73-110 National Bureau of Economic Research, Inc. [Downloadable!]
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  8. Rossi, Nicola & Visco, Ignazio, 1995. "National saving and social security in Italy," Ricerche Economiche, Elsevier, vol. 49(4), pages 329-356, December. [Downloadable!] (restricted)
  9. William G. Gale, 1998. "The Effects of Pensions on Household Wealth: A Reevaluation of Theory and Evidence," Journal of Political Economy, University of Chicago Press, vol. 106(4), pages 706-723, August. [Downloadable!] (restricted)
  10. Alan J. Auerbach & Joel Slemrod, 1997. "The Economic Effects of the Tax Reform Act of 1986," Journal of Economic Literature, American Economic Association, vol. 35(2), pages 589-632, June. [Downloadable!] (restricted)
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This page was last updated on 2009-11-10.

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