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The Effects of Public Pensions on Private Wealth : Evidence on the German Savings Puzzle


Klump, Rainer; Kim, Sangho


Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgenden Persistent Identifier (PID):http://nbn-resolving.de/urn:nbn:de:0168-ssoar-254156

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Abstract 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 behavior.
Klassifikation Erhebungstechniken und Analysetechniken der Sozialwissenschaften; soziale Sicherung
Freie Schlagwörter Life-cycle model; Ricardian equivalence; pension systems; panel estimations; Germany
Sprache Dokument Englisch
Publikationsjahr 2010
Seitenangabe S. 1917-1926
Zeitschriftentitel Applied Economics, 42 (2010) 15
DOI http://dx.doi.org/10.1080/00036840701749027
Status Postprint; begutachtet (peer reviewed)
Lizenz PEER Licence Agreement (applicable only to documents from PEER project)