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The Effects of Life Assurance and Pension Funds on Other Savings: The Postwar UK 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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  • Pitelis, Christos N, 1985. "The Effects of Life Assurance and Pension Funds on Other Savings: The Postwar UK Experience," Bulletin of Economic Research, Wiley Blackwell, vol. 37(3), pages 213-229, September.
  • Handle: RePEc:bla:buecrs:v:37:y:1985:i:3:p:213-29
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    Cited by:

    1. David Blake, 2004. "The impact of wealth on consumption and retirement behaviour in the UK," Applied Financial Economics, Taylor & Francis Journals, vol. 14(8), pages 555-576.
    2. Alicia H. Munnell & Frederick O. Yohn, 1991. "What is the impact of pensions on saving?," Working Papers 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, 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, vol. 16(5), pages 830-846, October.

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