Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/171795
Authors: 
Andersen, Henrik Yde
Year of Publication: 
2015
Series/Report no.: 
Danmarks Nationalbank Working Papers 101
Abstract: 
Measuring the effect of an unanticipated reduction in tax credits on pension savings, this paper shows that individuals tend to make extraordinary repayments on their debt when saving in retirement accounts becomes less attractive. We conclude that tax-favoured retirement accounts could affect gross debt accumulation. In line with recent studies, we show that tax subsidies for saving in pension accounts only affect total individual savings to a limited extent, but unlike prior research this paper distinguishes between the effects on financial assets and liabilities. As a particular feature, we have gained access to comprehensive information on all mortgage loans in Denmark. Exploiting the exogenous shock to pension taxation, we demonstrate how a sharp reduction in voluntary pension savings is partly offset by increased repayments on mortgage loans.
Abstract (Translated): 
I papiret analyseres sammenhængen mellem opsparing i private pensioner og bruttogæld i danske husholdninger. Ved at udnytte en uventet reduktion i skattefradraget ved pensionsindbetaling viser analysen, at afdrag på gælden øges, når skattefordelen på pensionsområdet reduceres. På den baggrund konkluderer vi, at fradragsberettigede pensionsordninger kan påvirke opbygningen af gæld i husholdningerne. På linje med den seneste forskning finder vi, at skattefradrag ved opsparing i private pensioner kun har en begrænset effekt på den samlede opsparing i husholdningerne. Modsat tidligere studierer vi imidlertid i stand til at skelne mellem effekten på finansielle aktiver og passiver. Det har været muligt, fordi vi som noget ekstraordinært har haft adgang til detaljerede oplysninger om alle realkreditlån i Danmark. Ved hjælp af det eksogene stød til pensionsbeskatningen viser vi, hvordan en markant reduktion i frivillige pensionsbidrag delvist modgås af et øget afdrag på realkreditgæld.
Subjects: 
Pension Savings
Household Debt
Mortgage Loans
Document Type: 
Working Paper

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.