Börsch-Supan, Axel () (Sonderforschungsbereich 504) Reil-Held, Anette () (Mannheim Research Institute for the Economics of Aging (MEA) and Sonderforschungsbereich 504) Rodepeter, Ralf (Sonderforschungsbereich 504) Schnabel, Reinhold () (Fachb. Wirtschaftswiss., Universität-Gesamthochschule Essen) Winter, Joachim () (Mannheim Research Institute for the Economics of Aging (MEA))
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Germany has one of the most generous public pension and health insurance systems of the world, yet private savings are high until old age. Savings remain positive in old age, even for most low income households. How can we explain what we might want to term the 'German savings puzzle?' We provide a complicated answer that combines historical facts with capital market imperfections, housing, tax and pension policies. The first part of the paper describes how German households save, based on a synthetic panel of four cross sections of the German Income and Expenditure Survey ('Einkommens- und Verbrauchsstichproben') collected between 1978 and 1993. The second part links saving behavior with public policy, notably tax and pension policy.
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Paper provided by Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim in its series Sonderforschungsbereich 504 Publications with number
01-07.
Length: 28 pages Date of creation: 19 Nov 2000 Date of revision: Handle: RePEc:xrs:sfbmaa:01-07
Note: Financial support from the Deutsche Forschungsgemeinschaft, SFB 504, at the University of Mannheim, is gratefully acknowledged. Contact details of provider: Postal: D-68131 Mannheim Phone: (49) (0) 621-292-2547 Fax: (49) (0) 621-292-5594 Email: Web page: http://www.sfb504.uni-mannheim.de/ More information through EDIRC
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Borsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 2001.
"The German Savings Puzzle,"
Research in Economics,
Elsevier, vol. 55(1), pages 15-38, March.
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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.:
Luigi Guiso & Tullio Jappelli, 2000.
"Household Portfolios in Italy,"
CSEF Working Papers
43, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
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