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Consumption Structure, Welfare Goods and Retirement Income: Linking the Ageing Puzzles

El Mekkaoui de Freitas, Najat; Oliveira Martins, Joaquim (2008), Consumption Structure, Welfare Goods and Retirement Income: Linking the Ageing Puzzles. https://basepub.dauphine.fr/handle/123456789/2343

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NEM_JOM-Age_Saving_rev3-1-1.pdf (446.3Kb)
Type
Document de travail / Working paper
Date
2008
Publisher
Université Paris-Dauphine
Series title
Cahiers de la Chaire "Les Particuliers face au Risques"
Series number
2008/2
Published in
Paris
Pages
25
Metadata
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Author(s)
El Mekkaoui de Freitas, Najat

Oliveira Martins, Joaquim
Abstract (EN)
While the empirical evidence tends to support some predictions of the life-cycle theory, a number of puzzles remain: an ageing-consumption, an ageing-saving, a saving-capitalisation and a saving-longevity puzzles have been put forward in the literature. This paper analyses the links between these puzzles and develops a model relating usual life-cycle variables, social transfers (public health care expenditures and the generosity of pension systems) to the level of savings. A reduced-form model using a panel of 18 OECD countries is tested, confirming the proposed explanations for the puzzles, together with other factors such as public deficits (Ricardian equivalence) and the population structure. We found that the relative generosity of welfare systems have a significant negative impact on household saving rate. It can also explain why the increase in longevity does not have had in general a positive impact on the household saving ratio.
Subjects / Keywords
Longevity; Pensions; Savings; Ageing; Consumption
JEL
C68 - Computable General Equilibrium Models
D91 - Intertemporal Household Choice; Life Cycle Models and Saving
G10 - General
J11 - Demographic Trends, Macroeconomic Effects, and Forecasts
J26 - Retirement; Retirement Policies

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