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Private wealth and retirement in France

Author

Listed:
  • T. BLANCHET

    (Ensae-PSE)

  • Y. DUBOIS

    (Insee)

  • A. MARINO

    (Insee)

  • M. ROGER

    (CES Université Paris 1 Panthéon Sorbonne,Banque de France)

Abstract

This document relies on the 2009-2010 French wealth survey (enquête Patrimoine) and the dynamic microsimulation model Destinie to reevaluate substitution effects between pension entitlements and private savings for French Households. Savings behavior is modeled after Gale (1998). Our results highlight the existence of a substitution effect between household savings and their pension. The magnitude of these effects is sensitive to the discount rate of agents. An increase in public pensions leads to a decrease in complementary pension products and real estate investment. It is this latter effect that dominates.

Suggested Citation

  • T. Blanchet & Y. Dubois & A. Marino & M. Roger, 2016. "Private wealth and retirement in France," Documents de Travail de l'Insee - INSEE Working Papers g2016-10, Institut National de la Statistique et des Etudes Economiques.
  • Handle: RePEc:nse:doctra:g2016-10
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    File URL: https://www.insee.fr/fr/statistiques/fichier/2518201/G201610.pdf
    File Function: Document de travail de la DESE numéro G2016-10
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    More about this item

    Keywords

    Wealth; Social Security; Pensions; Life Cycle;

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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