Social Security and Households' Saving
- 1 August 2003
- journal article
- Published by Oxford University Press (OUP) in The Quarterly Journal of Economics
- Vol. 118 (3) , 1075-1119
- https://doi.org/10.1162/00335530360698504
Abstract
This paper provides new evidence on the substitutability between private and pension wealth by exploiting the Italian pension reform of 1992. We use a difference-in-difference estimator that exploits the differential effects of the reform on individuals belonging to several year-of-birth cohorts and different occupational groups. We find convincing evidence that saving rates increase as a result of a reduction in pension wealth. By allowing for the possibility that substitutability changes with age, we find that substitutability is particularly high (and precisely estimated) for workers between 35 and 45.Keywords
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