Reference : The effects of public pensions on private wealth: evidence on the German savings puzzle
Scientific journals : Article
Business & economic sciences : Multidisciplinary, general & others
http://hdl.handle.net/10993/27858
The effects of public pensions on private wealth: evidence on the German savings puzzle
English
Kim, Sangho [Kwandong Univ, Kwandong, South Korea.]
Klump, Rainer mailto [University of Luxembourg > Rectorate > Rectorate]
2010
APPLIED ECONOMICS
Routledge Journals, Taylor & Francis Ltd
42
15
1917-1926
Yes (verified by ORBilu)
0003-6846
Abingdon
[en] Based on German panel data between 1984 and 1999, we test for the interaction of social security benefits and private wealth formation. In a simple life-cylce model benefits from public pension systems should displace equal amounts of private retirement accumulation. Our estimate for the offset effect, corrected for several possible measurement biases, is much lower, however, than expected from pure life-cycle considerations and less than comparable estimates for the US and the UK. This result thus supports other evidence on a particular German savings puzzle, which might be due to market imperfections and/or bounded rational behaviour.
http://hdl.handle.net/10993/27858
10.1080/00036840701749027

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