公共养老金与私人储蓄
Public Pensions and Private Savings
American Economic Journal: Economic Policy · 2024 · [{"name": "Esteban García‐Miralles", "affiliation": ["Bank of Spain"]}, {"name": "Jonathan M. Leganza", "affiliation": ["Walker (United States)", "Clemson University"]}]
中文摘要
公共养老金福利的提供如何影响私人储蓄？本文以丹麦一项提高社会保障领取资格年龄的改革为背景回答这一问题。利用行政数据和断点回归设计(RDD)，我们识别了该政策对整个金融资产组合中储蓄的因果效应。我们发现，当延迟福利领取资格促使个人延长就业时，其对个人退休账户和雇主资助退休账户的缴费均有所增加。我们认为，惯性——即此前储蓄行为的延续——是其中的关键机制，并强调企业默认缴费率政策如何调节储蓄对社会保障改革的响应。(JEL G51, H55, J22, J26, J32)
Abstract
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)