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Do funded pensions contribute to higher aggregate savings? A cross-country analysis

  • Jeannine Bailliu
  • Helmut Reisen

This paper provides statistically significant international evidence on the interaction between funded pensions and aggregate savings, after controlling for country-specific effects and for other saving determinants that have typically been identified in earlier cross-country studies. Using panel data for eleven countries (both OECD and non-OECD), this study goes beyond earlier work which has been based on individual country studies only (which have suffered from a small number of degrees of freedom). Building several proxies of pension wealth based on internationally comparable pension fund and life insurance data, the paper estimates the relationship between aggregate saving rates and pension wealth using ordinary least squares and two-stage least squares over the 1982-93 period. The empirical analysis supports the predictions of a simple two-period life-cycle saving model that incorporates tax treatment of pension returns, population heterogeneity, capital market imperfection and ... A partir d’une analyse statistique de données internationales, ce document démontre l’existence d’une interaction entre les systèmes de retraite par capitalisation et l’épargne agrégée. Cette relation est établie après neutralisation des spécificités nationales et des autres déterminants de l’épargne identifiés dans des études comparatives internationales antérieures. Les données couvrent onze pays (Membres et non membres de l’OCDE), ce qui permet à l’analyse de compléter les travaux précédents fondés sur de simples études de cas (et donc contraintes par le petit nombre des degrés de liberté). Plusieurs variables approchées du capital retraite sont construite à partir de données internationales comparables sur les fonds de pension et les systèmes d’assurance-vie. Sur cette base est proposée une estimation de la relation entre les taux d’épargne agrégée et le capital retraite, à partir de la méthode des moindres carrés ordinaires et des doubles moindres carrés, sur la période 1982-93

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Article provided by Springer in its journal Weltwirtschaftliches Archiv.

Volume (Year): 134 (1998)
Issue (Month): 4 (December)
Pages: 692-711

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Handle: RePEc:spr:weltar:v:134:y:1998:i:4:p:692-711
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  1. Philip Cagan, 1965. "The Effect of Pension Plans on Aggregate Saving: Evidence from a Sample Survey," NBER Books, National Bureau of Economic Research, Inc, number caga65-2, August.
  2. Paul R. Masson & Tamim Bayoumi & Hossein Samiei, 1995. "International Evidenceon the Determinants of Private Saving," IMF Working Papers 95/51, International Monetary Fund.
  3. Carroll, Christopher D. & Weil, David N., 1994. "Saving and growth: a reinterpretation," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 133-192, June.
  4. Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
  5. : Klaus Schmidt-Hebbel, 1998. "Does Pension Reform Really Spur Productivity, Saving, and Growth?," Working Papers Central Bank of Chile 33, Central Bank of Chile.
  6. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
  7. Alicia H. Munnell & Frederick O. Yohn, 1991. "What is the impact of pensions on saving?," Working Papers 91-5, Federal Reserve Bank of Boston.
  8. Sebastian Edwards, 1995. "Why are Saving Rates so Different Across Countries?: An International Comparative Analysis," NBER Working Papers 5097, National Bureau of Economic Research, Inc.
  9. Davis, E. Philip, 1998. "Pension Funds: Retirement-Income Security and Capital Markets: An International Perspective," OUP Catalogue, Oxford University Press, number 9780198293040, March.
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