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Personal Retirement Accounts and Saving

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Author Info

  • Emma Aguila

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Abstract

Many countries are including personal retirement accounts (PRAs) as part of their social security systems. PRA systems boost private savings at the macro level by converting a government financial liability into private wealth. At the micro level, however, crowing-out effects on household savings could be offsetting some of this increase in private savings and may lead to inadequate preparedness for retirement. The author tests this hypothesis by using the Mexican social security reform of 1997 as a natural experiment, because only part of that system was changed from pay-as-you-go to PRAs. She finds that social security reform with PRAs does indeed crowd out household savings and recommends strengthening voluntary savings for retirement along with social security reform.

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File URL: http://www.rand.org/content/dam/rand/pubs/working_papers/2008/RAND_WR600.pdf
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Bibliographic Info

Paper provided by RAND Corporation Publications Department in its series Working Papers with number 600.

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Length: 39 pages
Date of creation: Jul 2008
Date of revision:
Handle: RePEc:ran:wpaper:600

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Related research

Keywords: Social security reform; household saving; public policy evaluation;

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Cited by:
  1. Emma Aguila & Julie Zissimopoulos, 2009. "Labor Market and Immigration Behavior of Middle-Aged and Elderly Mexicans," Working Papers 726, RAND Corporation Publications Department.
  2. Adeline Delavande & Susann Rohwedder, 2008. "Individuals’ Responses to Social Security Reform," Working Papers wp182, University of Michigan, Michigan Retirement Research Center.
  3. Edwin van Gameren, 2010. "Labor force participation by the elderly in Mexico," Serie documentos de trabajo del Centro de Estudios Económicos 2010-06, El Colegio de México, Centro de Estudios Económicos.
  4. Emma Aguila & Michael D. Hurd & Susann Rohwedder, 2008. "Pension Reform in Mexico: The Evolution of Pension Fund Management Fees and their Effect on Pension Balances," Working Papers wp196, University of Michigan, Michigan Retirement Research Center.

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