The effects of Life Assurance and Pension Funds on Other Savings : The Postwar U.K. Experience
The main purpose of this paper is to test the substitution hypothesis of saving for the case of Life Assurance and Pension Funds (LAPF) on the one hand, and other (personal and corporate) savings on the other. The focus is the postwar U.K. period. Earlier U.K. findings on this issue rejected the substitution hypothesis. Most, in particular time series studies though, are subject to various limitations : that is, they focused on a very short period of time : made an uncritical use of the official data, that may cast doubt on their results : estimated consumption functions, which do not explicitly allow the testing of the effects of LAPF on other than personal savings too, such as corporate retentions : finally, confined their attention to - in most cases - one specification of the consumption function.
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