Public Pensions and Private Savingst

• 成果类型: Article
• 署名作者: Garcia-Miralles, Esteban; Leganza, Jonathan M.
• 署名单位: Banco de Espana; Clemson University
• 刊物名称: AMERICAN ECONOMIC JOURNAL-ECONOMIC POLICY
• ISSN/ISSBN: 1945-7731
• DOI: 10.1257/pol.20220019
• 发表日期: 2024
• 页码: 366-405
• 关键词: social-security; retirement age; WEALTH; incentives; accumulation; accounts; reforms; mortality; responses; DESIGN

摘要

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. ( JEL G51, H55, J22, J26, J32 )