International Differences in Social Security and Saving
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.
|Date of creation:||May 1979|
|Date of revision:|
|Publication status:||published as Feldstein, Martin. "International Differences in Social Security and Saving ." Journal of Public Economics, Vol. XIV, No. 2, (October 1980), pp. 225.24 4.|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
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- Boskin, Michael J, 1977. "Social Security and Retirement Decisions," Economic Inquiry, Western Economic Association International, vol. 15(1), pages 1-25, January.
- Feldstein, Martin, 1978.
"Do private pensions increase national savings?,"
Journal of Public Economics,
Elsevier, vol. 10(3), pages 277-293, December.
- Martin Feldstein, 1979. "The Effect of Social Security on Saving," NBER Working Papers 0334, National Bureau of Economic Research, Inc.
- Martin Feldstein & Charles Horioka, 1979.
"Domestic Savings and International Capital Flows,"
NBER Working Papers
0310, National Bureau of Economic Research, Inc.
- 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.
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