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_c527859 _d527859 |
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_aGarcía-Miralles, Esteban and Leganza, Jonathan M. _958952 |
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| 245 | _aPublic pensions and private savings | ||
| 260 | _aAmerican Economic Journal: Economic Policy | ||
| 300 | _a16(2), May, 2024: p.366-405 | ||
| 520 | _aThis article examines the relationship between public pensions and private savings, focusing on how government-provided retirement benefits influence household saving behavior. The analysis considers whether public pensions crowd out private savings or complement them, with implications for long-term wealth accumulation and retirement security. By situating pensions within the broader framework of fiscal policy and social insurance, the study highlights the trade-offs between redistribution, savings incentives, and fiscal sustainability. The findings contribute to debates on pension system design, the adequacy of retirement income, and the role of public finance in shaping household economic decisions. How does the provision of public pension benefits impact private savings? We answer this question in the context of a Danish reform that increased social security eligibility ages. Using administrative data and a regression discontinuity design, we identify the causal effects of the policy on savings throughout the financial portfolio. We find increases in contributions to personal and employer-sponsored retirement accounts when delayed benefit eligibility induces extended employment. We argue that inertia—the continuation of previous savings behaviors—is a key mechanism, and we highlight how firm default contribution rate policies can mediate savings responses to social security reform.- Reproduced https://www.aeaweb.org/articles?id=10.1257/pol.20220019 | ||
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_aEconomics, Public Pensions, Private Savings, Retirement Security, Fiscal Policy, Household Behavior, Social Insurance, Wealth Accumulation, Pension Systems, Savings Substitution, Public Finance, Retirement Studies _958953 |
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| 773 | _aAmerican Economic Journal: Economic Policy | ||
| 906 | _aPUBLIC FINANCE | ||
| 942 | _cAR | ||