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International differences in social security and saving

  • Feldstein, Martin

The U.S. Social Security Administration, in cooperation with similar agencies in other countries, recently developed estimates of social security benefits for twelve major industrial countries. The present paper uses these data to estimate the effects of social security benefits on saving and retirement in an extended life cycle model. The parameter estimates indicate that, with retirement behavior given, social security significantly reduces private saving: an increase of the benefit-to-earnings ratio by 10 percentage points reduces the saving rate by approximately 3 percentage points.

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File URL: http://www.sciencedirect.com/science/article/B6V76-459128B-8J/2/6ac6084b656117e3f4dfdcb7648c4984
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Article provided by Elsevier in its journal Journal of Public Economics.

Volume (Year): 14 (1980)
Issue (Month): 2 (October)
Pages: 225-244

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Handle: RePEc:eee:pubeco:v:14:y:1980:i:2:p:225-244
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505578

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  1. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  2. Feldstein, Martin, 1978. "Do private pensions increase national savings?," Journal of Public Economics, Elsevier, vol. 10(3), pages 277-293, December.
  3. Barro, Robert J. & MacDonald, Glenn M., 1979. "Social security and consumer spending in an international cross section," Journal of Public Economics, Elsevier, vol. 11(3), pages 275-289, June.
  4. Boskin, Michael J, 1977. "Social Security and Retirement Decisions," Economic Inquiry, Western Economic Association International, vol. 15(1), pages 1-25, January.
  5. Martin Feldstein, 1979. "The Effect of Social Security on Saving," NBER Working Papers 0334, National Bureau of Economic Research, Inc.
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