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Pension funds and national saving

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  • Lopez Murphy, Pablo
  • Musalem, Alberto R.
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    Abstract

    The authors conduct an empirical study on the effect of the accumulation of pension fund financial assets, on national saving, using a panel of 43 industrial, and developing countries. The authors find evidence suggesting that the accumulation of pension fund financial assets might increase national saving, when these funds are the result of a mandatory pension program. By contrast, national saving might be unaffected, when pension funds are the result of a public program, implemented to foster voluntary pension saving.

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    Bibliographic Info

    Paper provided by The World Bank in its series Policy Research Working Paper Series with number 3410.

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    Date of creation: 01 Sep 2004
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    Handle: RePEc:wbk:wbrwps:3410

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    Keywords: Environmental Economics&Policies; Banks&Banking Reform; Payment Systems&Infrastructure; Economic Theory&Research; Contractual Savings; Environmental Economics&Policies; Economic Investment&Savings; Banks&Banking Reform; Economic Theory&Research; Contractual Savings;

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    1. Feldstein, Martin & Pellechio, Anthony, 1979. "Social Security and Household Wealth Accumulation: New Microeconometric Evidence," The Review of Economics and Statistics, MIT Press, vol. 61(3), pages 361-68, August.
    2. Masao Ogaki & Jonathan D. Ostry & Carmen M. Reinhart, 1996. "Saving Behavior in Low- and Middle-Income Developing Countries: A Comparison," IMF Staff Papers, Palgrave Macmillan, vol. 43(1), pages 38-71, March.
    3. Robert K. Triest, 1997. "Social security reform: an overview," New England Economic Review, Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, issue Nov, pages 3-16.
    4. Hubbard, R Glenn, 1986. "Pension Wealth and Individual Saving: Some New Evidence," Journal of Money, Credit and Banking, Blackwell Publishing, Blackwell Publishing, vol. 18(2), pages 167-78, May.
    5. Karen E. Dynan & Jonathan Skinner & Stephen P. Zeldes, 2000. "Do the rich save more?," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2000-52, Board of Governors of the Federal Reserve System (U.S.).
    6. Masson, Paul R & Bayoumi, Tamim & Samiei, Hossein, 1998. "International Evidence on the Determinants of Private Saving," World Bank Economic Review, World Bank Group, World Bank Group, vol. 12(3), pages 483-501, September.
    7. Reinhart, Carmen & Ogaki, Masao & Ostry, Jonathan, 1995. "Saving behavior in low- and middle-income developing countries," MPRA Paper 13757, University Library of Munich, Germany.
    8. Rebelo, Sérgio, 1992. "Growth in Open Economies," CEPR Discussion Papers, C.E.P.R. Discussion Papers 667, C.E.P.R. Discussion Papers.
    9. Impavido, Gregorio & Musalem, Alberto R. & Tressel, Thierry, 2003. "The impact of contractual savings institutions on securities markets," Policy Research Working Paper Series, The World Bank 2948, The World Bank.
    10. Jeannine Bailliu & Helmut Reisen, 1998. "Do funded pensions contribute to higher aggregate savings? A cross-country analysis," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 134(4), pages 692-711, December.
    11. Flemming, J S, 1973. "The Consumption Function when Capital Markets are Imperfect: The Permanent Income Hypothesis Reconsidered," Oxford Economic Papers, Oxford University Press, vol. 25(2), pages 160-72, July.
    12. Richard Kohl & Paul O'Brien, 1998. "The Macroeconomics of Ageing, Pensions and Savings: A Survey," OECD Economics Department Working Papers 200, OECD Publishing.
    13. Loayza, Norman & Schmidt-Hebbel, Klaus & Serven, Luis, 2000. "What drives private saving around the world?," Policy Research Working Paper Series, The World Bank 2309, The World Bank.
    14. Kotlikoff, Laurence J, 1979. "Testing the Theory of Social Security and Life Cycle Accumulation," American Economic Review, American Economic Association, American Economic Association, vol. 69(3), pages 396-410, June.
    15. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 66, pages 467.
    16. Martin Feldstein & Jeffrey B. Liebman, 2001. "Social Security," NBER Working Papers 8451, National Bureau of Economic Research, Inc.
    17. Andrew A. Samwick, 2000. "Is Pension Reform Conducive to Higher Saving?," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 264-272, May.
    18. Edwards, Sebastian, 1996. "Why are Latin America's savings rates so low? An international comparative analysis," Journal of Development Economics, Elsevier, Elsevier, vol. 51(1), pages 5-44, October.
    19. Feldstein, Martin S, 1974. "Social Security, Induced Retirement, and Aggregate Capital Accumulation," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 82(5), pages 905-26, Sept./Oct.
    20. Young, Alwyn, 1995. "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 110(3), pages 641-80, August.
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    Cited by:
    1. El Mekkaoui de Freitas, Najat & Abdelkhalek, Touhami & Arestoff, Florence & Couppey-Soubeyran, Jézabel & Mage-Bertomeu, Sabine, 2008. "L'épargne des ménages au Maroc : une évaluation macroéconomique et microéconomique," Economics Papers from University Paris Dauphine, Paris Dauphine University 123456789/401, Paris Dauphine University.
    2. Juan Ayuso & Juan F. Jimeno & Ernesto Villanueva, 2007. "The effects of the introduction of tax incentives on retirement savings," Banco de Espa�a Working Papers, Banco de Espa�a 0724, Banco de Espa�a.
    3. Mariangela Bonasia & Oreste Napolitano, 2006. "The Impact of Privatisation of Pension System on National Saving: The Case of Australia and Iceland," Discussion Papers, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy 3_2006, D.E.S. (Department of Economic Studies), University of Naples "Parthenope", Italy.

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