Do Private Pensions Increase National Saving?
This paper discusses how private pension programs differ from public social security in their likely impact on aggregate saving. Although private pensions are likely to reduce direct saving by employees, this should be offset by the combination of companies' partial funding and the shareholders response to unfunded liabilities. In contrast to several earlier empirical studies that implied that social security does depress national saving, the current time series evidence suggests that the growth of private pensions has not had an adverse effect on saving and may have increased saving by a small amount.
|Date of creation:||Jan 1980|
|Date of revision:|
|Publication status:||published as Feldstein, Martin. "Do Private Pensions Increase National Saving?" Journal of Public Economics, Vol. 10, No. 3, (December 1978), pp. 277-293.|
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- Oldfield, George S, Jr, 1977. "Financial Aspects of the Private Pension System," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 9(1), pages 48-54, February.
- Schoeplein, Robert N, 1970. "The Effect of Pension Plans on Other Retirement Saving," Journal of Finance, American Finance Association, vol. 25(3), pages 633-37, June.
- Martin Feldstein & Anthony J. Pellechio, 1980. "Social Security and Household Wealth Accumulation: New Microeconomic Evidence," NBER Working Papers 0206, National Bureau of Economic Research, Inc.
- Barro, Robert J, 1974.
"Are Government Bonds Net Wealth?,"
Journal of Political Economy,
University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
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