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The effects of Life Assurance and Pension Funds on Other Savings : The Postwar U.K. Experience

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  • Pitelis, Christos N.

Abstract

The main purpose of this paper is to test the substitution hypothesis of saving for the case of Life Assurance and Pension Funds (LAPF) on the one hand, and other (personal and corporate) savings on the other. The focus is the postwar U.K. period. Earlier U.K. findings on this issue rejected the substitution hypothesis. Most, in particular time series studies though, are subject to various limitations : that is, they focused on a very short period of time : made an uncritical use of the official data, that may cast doubt on their results : estimated consumption functions, which do not explicitly allow the testing of the effects of LAPF on other than personal savings too, such as corporate retentions : finally, confined their attention to - in most cases - one specification of the consumption function.

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Bibliographic Info

Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 252.

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Length: 30 pages
Date of creation: 1984
Date of revision:
Handle: RePEc:wrk:warwec:252

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Cited by:
  1. David Blake, 2002. "The impact of wealth on consumption and retirement behaviour in the UK," LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library 24949, London School of Economics and Political Science, LSE Library.
  2. Alicia H. Munnell & Frederick O. Yohn, 1991. "What is the impact of pensions on saving?," Working Papers, Federal Reserve Bank of Boston 91-5, Federal Reserve Bank of Boston.
  3. Hidalgo, Pedro & Manzur, Enrique & Olavarrieta, Sergio & FariĀ­as, Pablo, 2008. "Customer retention and price matching: The AFPs case," Journal of Business Research, Elsevier, Elsevier, vol. 61(6), pages 691-696, June.
  4. Karunarathne, Wasana & Abeysinghe, Tilak, 2005. "Does mandatory pension savings crowd out private savings?: The experience of Sri Lanka," Journal of Asian Economics, Elsevier, Elsevier, vol. 16(5), pages 830-846, October.

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