Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/272868 
Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
Sveriges Riksbank Working Paper Series No. 411
Verlag: 
Sveriges Riksbank, Stockholm
Zusammenfassung: 
A growing literature explores reasons for rising wealth inequality, but disregards the role of pension systems despite their well-understood infiuence on life-cycle saving. In theory and according to available evidence, both pay-as-you-go (PAYG) and fully-funded (FF) pension schemes crowd out voluntary retirement saving. They differ because aggregate savings decrease in the former but increase under the latter system. Unlike most nations, Denmark has seen a decline in wealth inequality in recent decades. This paper studies a calibrated life-cycle model of Denmark and employs unique registry data to argue that a Danish pension system transition, from a mostly PAYG to a dominant, mandated FF scheme, explains much of this decline.
Schlagwörter: 
Wealth inequality
pension systems
crowding out
life-cycle savings
JEL: 
D31
E01
E21
H55
G51
J32
Dokumentart: 
Working Paper
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