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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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Author Info
Corneo, Giacomo G.
Keese, Matthias
Schröder, Carsten

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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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Publisher 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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Web page: http://www.wiso.uni-kiel.de/econ/

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

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Find related papers by JEL classification:
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
I38 - Health, Education, and Welfare - - Welfare and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
D14 - Microeconomics - - Household Behavior - - - Personal Finance

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  1. Börsch-Supan, Axel & Reil-Held, Anette & Rodepeter, Ralf & Schnabel, Reinhold & Winter, Joachim, 2000. "The German Savings Puzzle," Sonderforschungsbereich 504 Publications 01-07, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim. [Downloadable!]
    Other versions:
  2. Breyer, Friedrich, 2001. "Why Funding is not a Solution to the "Social Security Crisis"," IZA Discussion Papers 328, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  3. 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, Economics Department. [Downloadable!]
  4. 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, Economics Department. [Downloadable!]
  5. 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. [Downloadable!]
  6. Axel Börsch-Supan & Anette Reil-Held & Daniel Schunk, 2006. "Das Sparverhalten deutscher Haushalte: Erste Erfahrungen mit der Riester-Rente," MEA discussion paper series 06114, Mannheim Research Institute for the Economics of Aging (MEA), University of Mannheim. [Downloadable!]
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  7. Richard Blundell & Monica Costa Dias, 2000. "Evaluation methods for non-experimental data," Fiscal Studies, Institute for Fiscal Studies, vol. 21(4), pages 427-468, January. [Downloadable!]
  8. Klaus-Dietrich Bedau, 1999. "Ersparnis und Vorsorgeaufwendungen nach Haushaltsgruppen," Discussion Papers of DIW Berlin 187, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  9. Nicola Fuchs-Schundeln, 2008. "The Response of Household Saving to the Large Shock of German Reunification," American Economic Review, American Economic Association, vol. 98(5), pages 1798-1828, December. [Downloadable!]
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