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Full-Text Articles in Social and Behavioral Sciences
What Is The Relation Between Public Pensions And Private Savings?, Marta Lachowska, Michał Myck
What Is The Relation Between Public Pensions And Private Savings?, Marta Lachowska, Michał Myck
Marta Lachowska
No abstract provided.
The Effect Of Public Pension Wealth On Saving And Expenditure, Marta Lachowska, Michał Myck
The Effect Of Public Pension Wealth On Saving And Expenditure, Marta Lachowska, Michał Myck
Marta Lachowska
In order to study whether public pension systems displace private saving, we use the quasi-experimental variation in pension wealth created by Poland’s 1999 pension reform. Using the 1997–2003 Polish Household Budget Surveys, we begin by estimating “difference-in-differences” regressions, where we compare household saving and expenditure across time and between cohorts affected and unaffected by the reform. Next, we estimate the extent of crowd-out by using two-stage least squares. We identify the effect of pension wealth on private saving by using the cohort-by-time variation in pension wealth that is explained by the reform. We find that one additional Polish zloty, or …