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Can governments boost voluntary retirement savings via tax incentives and subsidies? A German case study for low-income households

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  • Corneo, Giacomo
  • Keese, Matthias
  • Schröder, Carsten

Abstract

Since 2002 the German government has promoted private retirement saving plans by means of special subsidies and tax incentives (Riester scheme). This policy mainly targets low-income households. Using data from the German Socio-economic Panel, we scrutinize the impact of the Riester scheme on private savings. Our empirical strategy consists of treating the introduction of the Riester scheme as a natural experiment. The estimation results cast some doubts on the effectiveness of the Riester scheme in raising private savings and call for enhanced systematic efforts to evaluate that policy. --

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Bibliographic Info

Paper provided by Christian-Albrechts-University of Kiel, Department of Economics in its series Economics Working Papers with number 2008,18.

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Date of creation: 2008
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Handle: RePEc:zbw:cauewp:7413

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Keywords: retirement saving; Riester scheme; tax incentives; subsidy incentives; pensions; treatment analysis;

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References

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  1. Börsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 2000. "The German Savings Puzzle," Discussion Papers, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre 594, Institut fuer Volkswirtschaftslehre und Statistik, Abteilung fuer Volkswirtschaftslehre.
  2. Börsch-Supan, Axel & Reil-Held, Anette & Schunk, Daniel, 2006. "Das Sparverhalten deutscher Haushalte: Erste Erfahrungen mit der Riester-Rente," Sonderforschungsbereich 504 Publications, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim 07-15, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
  3. Richard Blundell & Monica Costa Dias, 2000. "Evaluation methods for non-experimental data," Fiscal Studies, Institute for Fiscal Studies, Institute for Fiscal Studies, vol. 21(4), pages 427-468, January.
  4. Kwang-Yeol Yoo & Alain de Serres, 2004. "Tax Treatment of Private Pension Savings in OECD Countries and the Net Tax Cost Per Unit of Contribution to Tax-Favoured Schemes," OECD Economics Department Working Papers 406, OECD Publishing.
  5. Klaus-Dietrich Bedau, 1999. "Ersparnis und Vorsorgeaufwendungen nach Haushaltsgruppen," Discussion Papers of DIW Berlin 187, DIW Berlin, German Institute for Economic Research.
  6. Felix Freyland, 2005. "Household Composition and Savings: An Empirical Analysis based on the German SOEP Data," MEA discussion paper series, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy 05088, Munich Center for the Economics of Aging (MEA) at the Max Planck Institute for Social Law and Social Policy.
  7. Friedrich Breyer, 2001. "Why Funding Is not a Solution to the "Social Security Crisis"," Discussion Papers of DIW Berlin 254, DIW Berlin, German Institute for Economic Research.
  8. Pablo Antolín & Alain de Serres & Christine de la Maisonneuve, 2004. "Long-Term Budgetary Implications of Tax-Favoured Retirement Plans," OECD Economics Department Working Papers 393, OECD Publishing.
  9. Nicola Fuchs-Schündeln, 2008. "The Response of Household Saving to the Large Shock of German Reunification," Working Papers, Center for Retirement Research at Boston College wp2008-21, Center for Retirement Research, revised Dec 2008.
  10. Nicola Fuchs-Schundeln, 2008. "The Response of Household Saving to the Large Shock of German Reunification," American Economic Review, American Economic Association, American Economic Association, vol. 98(5), pages 1798-1828, December.
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Cited by:
  1. Pfarr, Christian & Schneider, Udo, 2009. "Angebotsinduzierung und Mitnahmeeffekt im Rahmen der Riester-Rente. Eine empirische Analyse
    [Demand inducement, crowding in and the German Riester pension scheme. (Angebotsinduzierung und Mitnahmee
    ," MPRA Paper 17759, University Library of Munich, Germany.
  2. Robert P. Hagemann, 2012. "Fiscal Consolidation: Part 6. What Are the Best Policy Instruments for Fiscal Consolidation?," OECD Economics Department Working Papers 937, OECD Publishing.
  3. Richard Ochmann, 2014. "Differential income taxation and household asset allocation," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 46(8), pages 880-894, March.
  4. Immacolata Marino & Filippo Pericoli & Luigi Ventura, 2011. "Tax Incentives and Household Investment in Complementary Pension Insurance: Some Recent Evidence From the Italian Experience," Risk Management and Insurance Review, American Risk and Insurance Association, American Risk and Insurance Association, vol. 14(2), pages 247-263, 09.

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