Elin Halvorsen, Zhiyang Jia, Herman Kruse, Trond C. Vigtel
{"title":"Social security pension and the effect on household saving","authors":"Elin Halvorsen, Zhiyang Jia, Herman Kruse, Trond C. Vigtel","doi":"10.1111/sjoe.12550","DOIUrl":null,"url":null,"abstract":"Abstract This paper examines the substitution between pension wealth and household saving. To identify the effect of reductions in social security pension wealth on household saving, we utilize variations in changes in social security pension wealth induced by Norway's 2011 reform across different cohorts, time periods, and sectors. Our study focuses on saving behavior of individuals between ages 57–61, and we find that the annual saving rate increased by around 1.4 percentage points after the reform. When considering the overall life‐cycle changes in household saving, this corresponds to a crowd‐out effect of about 50 percent of the total loss in pension wealth. This article is protected by copyright. All rights reserved.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":null,"pages":null},"PeriodicalIF":1.3000,"publicationDate":"2023-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Scandinavian Journal of Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1111/sjoe.12550","RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
Abstract This paper examines the substitution between pension wealth and household saving. To identify the effect of reductions in social security pension wealth on household saving, we utilize variations in changes in social security pension wealth induced by Norway's 2011 reform across different cohorts, time periods, and sectors. Our study focuses on saving behavior of individuals between ages 57–61, and we find that the annual saving rate increased by around 1.4 percentage points after the reform. When considering the overall life‐cycle changes in household saving, this corresponds to a crowd‐out effect of about 50 percent of the total loss in pension wealth. This article is protected by copyright. All rights reserved.
期刊介绍：
The Scandinavian Journal of Economics is one of the oldest and most distinguished economics journals in the world. It publishes research of the highest scientific quality from an international array of contributors in all areas of economics and related fields. The journal features: - Articles and empirical studies on economic theory and policy - Book reviews - Comprehensive surveys of the contributions to economics of the recipients of the Alfred Nobel Memorial Prize in Economics - A special issue each year on key topics in economics
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