IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this paper

Do Funded Pensions Contribute to Higher Aggregate Savings?: A Cross-Country Analysis

Listed author(s):
  • Jeanine 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 ...

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.

File URL:
Download Restriction: no

Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 130.

in new window

Date of creation: 01 Dec 1997
Handle: RePEc:oec:devaaa:130-en
Contact details of provider: Postal:
2 rue Andre Pascal, 75775 Paris Cedex 16

Phone: 33-(0)-1-45 24 82 00
Fax: 33-(0)-1-45 24 85 00
Web page:

More information through EDIRC

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

in new window

  1. 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.
  2. : Klaus Schmidt-Hebbel, 1998. "Does Pension Reform Really Spur Productivity, Saving, and Growth?," Working Papers Central Bank of Chile 33, Central Bank of Chile.
  3. 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 467-467.
  4. 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.
  5. Alicia H. Munnell & Frederick O. Yohn, 1991. "What is the impact of pensions on saving?," Working Papers 91-5, Federal Reserve Bank of Boston.
  6. Masson, Paul R & Bayoumi, Tamim & Samiei, Hossein, 1998. "International Evidence on the Determinants of Private Saving," World Bank Economic Review, World Bank Group, vol. 12(3), pages 483-501, September.
  7. Davis, E. Philip, 1998. "Pension Funds: Retirement-Income Security and Capital Markets: An International Perspective," OUP Catalogue, Oxford University Press, number 9780198293040.
  8. 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.
  9. Corsetti, Giancarlo & Schmidt-Hebbel, Klaus, 1995. "Pension reform and growth," Policy Research Working Paper Series 1471, The World Bank.
Full references (including those not matched with items on IDEAS)

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:oec:devaaa:130-en. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.