Open Access Review

Does Social Security Crowd out Private Wealth? A Survey of the Literature

by Marcin Wron ski a,* orcid
a
Collegium of World Economy, SGH Warsaw School of Economics, Warszawa, Poland
*
Author to whom correspondence should be addressed.
JEA  2023 2(4):41; https://doi.org/10.58567/jea02040006
Received: 2 May 2023 / Accepted: 13 June 2023 / Published Online: 2 July 2023
View Full-Text
Download PDF

Abstract

In this paper, we review the research on the substitution between social security wealth and private wealth. Our review includes over 100 theoretical and empirical contributions. Nearly 70% of the literature identifies the statistically significant impact of social security wealth on different forms of private savings. A strong majority of authors, who obtain statistically significant results find the negative impact of social security on private savings. We discuss the main limitations of the literature.

Keywords: Social security; private wealth; crowd-out effect; substitution; household wealth; the public pension system;
Copyright: © 2023 by Wron ski. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

Share and Cite

ACS Style
Wron ski, M. Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis, 2023, 2, 41. https://doi.org/10.58567/jea02040006
AMA Style
Wron ski M. Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis; 2023, 2(4):41. https://doi.org/10.58567/jea02040006
Chicago/Turabian Style
Wron ski, Marcin 2023. "Does Social Security Crowd out Private Wealth? A Survey of the Literature" Journal of Economic Analysis 2, no.4:41. https://doi.org/10.58567/jea02040006
APA style
Wron ski, M. (2023). Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis, 2(4), 41. https://doi.org/10.58567/jea02040006

Article Metrics

Article Access Statistics

References

  1. Aguila, E. (2011). Personal Retirement Accounts and Saving. American Economic Journal: Economic Policy, 3(4), 1-24. https://doi.org/10.1257/pol.3.4.1
  2. Andersson, L.-F. and Eriksson, L. (2014). The compulsory public pension and the demand for life insurance: the case of Sweden, 1884-1914. Economic History Review, 68(1), 244-263. https://www.jstor.org/stable/43910018
  3. Alessie, R. Kapteyn, A. and Klijn, F. (1997). Mandatory Pensions and Personal Savings in The Netherlands. De Economist, 145(3), 291-324. https://doi.org/10.1023/A:1003050025954
  4. Alessie, R., Angelini, V. and Van Santen, P. (2013). Pension wealth and household savings in Europe: Evidence from SHARELIFE. European Economic Review, 63, 308-328. https://doi.org/10.1016/j.euroecorev.2013.04.009
  5. Ashauer, G. (1998). Die ökonomische und soziale Bedeutung der preußischen Sparkassen im 19. Jahrhundert. Bankhistorisches Archiv, 24, 55-86.
  6. Attanasio, O. P. and Brugiavini, A. (2003). Social Security and Households' Saving. Quarterly Journal of Economics, 118(3), 1075-1119. https://www.jstor.org/stable/25053931
  7. Attanasio, O. P. and Rohwedder, S. (2003). Pension Wealth and Household Saving: Evidence from Pension Reforms in the United Kingdom. American Economic Review, 93(5), 1499-1521. https://www.jstor.org/stable/3132139
  8. Attanasio, O. P., and Weber, G. (2010). Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy. Journal of Economic Literature, 48(3), 693-751. https://doi.org/ 10.1257/jel.48.3.693
  9. Avery, R.B, Elliehausen, G.E and Gustafson, T.A. (1986). Pensions and Social Security in Household Portfolios: Evidence from the 1983 Survey of Consumer Finances. [in:] Adams, F.G. and Wachter, S.M. (Eds) Savings and Capital Formation: The Policy Options, Lexington, Mass.: Lexington Books.
  10. Aydede, Y. (2007). Saving and Social Security Wealth: A Case of Turkey. Topics in Middle Eastern and North African Economics, 9. https://ideas.repec.org/p/nfi/nfiwps/2007-wp-03.html
  11. Barro, R. (1974). Are government bonds net wealth?. Journal of Political Economy, 82(6), 1095-1117.
  12. Barro R. (1978). The Impact of Social Security on Private Savings---Evidence from the U.S. Time Series. Washington, D.C : American Enterprise Institute. https://www.jstor.org/stable/1830663
  13. Belloni, M., Brugiavini, A. Buia, R.F., Carrino, L. ,Cavapozzi, D., Orso, C.E. and Pasini, G. (2016). What do we learn about redistribution effects of pension systems from internationally comparable measures of Social Security Wealth?. Journal of Pension Economics & Finance, 19(4), 548-566. https://doi.org/10.1017/S1474747219000118
  14. Bentzel R. and Berg L. (1983) The Role of Demographic Factors as a Determinant of Savings in Sweden. [in:] Modigliani F., Hemming R. (eds) The Determinants of National Saving and Wealth. London: Pallgrave Palgrave Macmillan.
  15. Bernheim, B.D. (1987). The economic effects of social security: Toward a reconciliation of theory and measurement, Journal of Public Economics, 33(3), 273-304. https://doi.org/10.1016/0047-2727(87)90057-0
  16. Bernheim, B. D., DellaVigna, S. and Laibson, D. (2018). Handbook of Behavioral Economics - Foundations and Applications, vol 1. North Holland. https://www.sciencedirect.com/handbook/handbook-of-behavioral-economics-applications-and-foundations-1/vol/1
  17. Blau, D.M. (2016). Pensions, household saving, and welfare: A dynamic analysis of crowd out, Quantitative Economics, 7(1), 193-224. https://doi.org/10.3982/QE349
  18. Blake, D. (2004). The impact of wealth on consumption and retirement behaviour in the UK. Applied Financial Economics, 14(8), 555-576. https://doi.org/10.1080/0960310042000233863
  19. Blanchet, T., Dubois, Y., Marino, A. and Roger, M. (2016). Patrimoine privé et retraite en France. Revue française d'économie, XXXI, 207-244. https://www.cairn.info/revue-francaise-d-economie-2016-1-page-207.htm
  20. Bottazzi, R., Jappelli, T. and Padula, M. (2006). Retirement Expectations, Pension Reforms, and Their Impact on Private Wealth Accumulation, Journal of Public Economics, 90(12), 2187-2212. https://doi.org/10.1016/j.jpubeco.2006.03.005
  21. Boyle, P. and Murray, J. (1979). Social Security Wealth and Private Saving in Canada. Canadian Journal of Economics, 12(3), 456-468. https://www.jstor.org/stable/134734
  22. Browing, M.J. (1982). Savings and Pensions: Some UK Evidence. Economic Journal, 92(368), 954-63. https://www.jstor.org/stable/2232677
  23. Bucciol, A. (2011). A note on social security welfare with self-control problem. Macroeconomic Dynamics, 15(04), 579-594. https://doi.org/10.1017/S1365100510000209
  24. Burtless, G. (1986). Social Security, Unanticipated Benefit Increases, and the Timing of Retirement. Review of Economic Studies, 53(5), 781-805. https://www.jstor.org/stable/2297719
  25. Busch, G. ad Wüger, M. (1981). Social security and saving — A critical note on the Feldstein hypothesis. Empirica, 8, 223-240. https://doi.org/10.1007/BF00930299
  26. Cagan, P. (1965). The Effect of Pension Plans on Aggregate Saving: Evidence from a Sample Survey. Occasional Paper 95. New York: Columbia Univ. Press (for NBER). https://econpapers.repec.org/bookchap/nbrnberbk/caga65-2.htm
  27. Card, D. and Ransom, M. (2011). Pension Plan Characteristics and Framing Effects in Employee Savings Behavior. Review of Economics and Statistics, 93(1), 228–243. https://www.jstor.org/stable/23015931
  28. Cerda, R.A. (2009). Social Security and Wealth Accumulation in Developing Economies: Evidence from the 1981 Chilean Reform. World Development, 36(10), 2029-2044. https://doi.org/10.1016/j.worlddev.2008.01.008
  29. Chetty, R., Friedman, J.D., Leth-Petersen, S., Nielsen, T.H. and Olsen, T. (2014). Active vs. Passive Decisions and Crowd-Out in Retirement Savings Accounts: Evidence from Denmark. Quarterly Journal of Economics, 129(3), 1141-1219. https://www.jstor.org/stable/26372571
  30. Chernozhukov, V. and Hansen, C. (2005). An IV Model of Quantile Treatment Effects. Econometrica, 73(1), 245-261. https://www.jstor.org/stable/3598944
  31. Chłoń, A., Góra, M. and Rutkowski, M. (1999). Shaping Pension Reform in Poland: Security through Diversity. World Bank Social Protection Discussion Paper 9923. World Bank. https://econpapers.repec.org/paper/wbkhdnspu/20852.htm
  32. Chłoń-Domińczak, A. (2002). The Polish Pension Reform of 1999. [in:] Fultz, E. (Ed.) Pension Reform in Central and Eastern Europe Volume 1 – Restructuring with Privatization: Case Studies of Hungary and Poland, . Budapest, Hungary: International Labour Office, 95-205. https://www.ilo.org/wcmsp5/groups/public/---europe/---ro-geneva/documents/meetingdocument/wcms_365653.pdf
  33. Cigno, A. and Rosati, F.C. (1992). The effects of financial markets and social security on saving and fertility behaviour in Italy, Journal of Population Economics, 5(4) , 319-341. https://doi.org/10.1007/BF00163064
  34. Cigno, A. and Rosati, F.C. (1996). Jointly determined saving and fertility behaviour: Theory, and estimates for Germany, Italy, UK and US, European Economic Review, 40(8), 1561-89. https://doi.org/10.1016/0014-2921(95)00046-1
  35. Cigno, A. and Rosati, F.C. (1997). Rise and fall of the Japanese saving rate: The role of social security and intra-family transfers. Japan and the World Economy, 9(1), 81-92. https://doi.org/10.1016/S0922-1425(96)00238-1
  36. Cigno, A., Casolaro, L. and Rosati, F.C. (2002). The Impact of Social Security on Saving and Fertility in Germany, FinazArchiv, 59(2), 189-211. https://www.jstor.org/stable/40912996
  37. Coates, D. and Humphreys, B.R. (1999). Social Security and Saving: A Comment. National Tax Journal, 52(2), 261-268. https://www.journals.uchicago.edu/doi/abs/10.1086/NTJ41789393
  38. Czapiński, J. and Góra M. (2016). Świadomość „Emerytalna” Polaków. Raport z badania ilościowego. Warszawa: Publikacje Europejskiego Kongresu Finansowego. https://www.efcongress.com/wp-content/uploads/2020/02/analizy2016__swiadomosc-emerytalna.pdf
  39. Darby, M. (1979). The Effects of Social Security on Income and the Capital Stock. Washington, D.C., American Enterprise Institute. https://ideas.repec.org/b/aei/rpbook/936292.html
  40. De Nardi, M., French, E. and Jones, J.B. (2010). Why Do the Elderly Save? The Role of Medical Expenses, Journal of Political Economy, 118(1), 39-75. https://www.jstor.org/stable/10.1086/651674
  41. Deaton, A. (1992), Understanding Consumption. Oxford: Oxford University Press. https://global.oup.com/academic/product/understanding-consumption-9780198288244?cc=pl&lang=en&
  42. Denny, M. and Rea, S.A. Jr. (1979). Pensions and Saving in Canada [in:] von Furstenberg (Ed) Social Security versus Private Savings. Cambridge, MA: Ballinger Publishing Company.
  43. Dolls, M., Dörrenberg, P., Peichl, A. and Stichnoth, H. (2018). Do retirement savings increase in response to information about retirement and expected pensions?. Journal of Public Economics, 158, 168-179. https://doi.org/10.1016/j.jpubeco.2017.12.014
  44. Duflo, E., Gale,. W., Liebman, J., Orszag, P. and Saez, E. (2006). Saving Incentives for Low- and Middle-Income Families: Evidence from a Field Experiment with H&R Block. Quarterly Journal of Economics, 121(4): 1311–1346. https://doi.org/10.1093/qje/121.4.1311
  45. Eisner, R. (1983). Social Security, Saving, and Macroeconomics. Journal of Macroeconomics, 5(1), 1-19. https://doi.org/10.1016/0164-0704(83)90002-2
  46. Engelhardt, G.V., and Kumar, A. (2007). Employer matching and 401(k) saving: Evidence from the health and retirement study. Journal of Public Economics, 91(10), 1920–1943. https://doi.org/10.1016/j.jpubeco.2007.02.009
  47. Engelhardt, G.V. and Kumar, A. (2011). Pensions and Household Wealth Accumulation. Journal of Human Resources, 46(1), 203-236. https://www.jstor.org/stable/25764809
  48. Engen, E.M. and Gale, W. (1993). RAs and Saving in a Stochastic Life Cycle Model. Washington: Brookings Institution.
  49. Etgeton, S. (2019). The Impact of Pension Reforms on Income, Inequality, Savings and Health. PhD Thesis, Freie Universität Berlin. https://d-nb.info/1182314341/34
  50. Euwals, R. (2000). Do Mandatory Pensions decrease Household Savings? Evidence for the Netherlands. De Economist, 148(5), 643-670. https://doi.org/10.1023/A:1004109201347
  51. Friedman, M. (1957). A Theory of Consumption Functions. Princeton: Princeton University Press. https://www.jstor.org/stable/j.ctv39x7zh
  52. Fehr, H., Habermann, C. and Kindermann, F. (2008). Social Security with Rational and Hyperbolic Consumers. Review of Economic Dynamics, 11(4), 884-903. https://doi.org/10.1016/j.red.2008.03.001
  53. Feldstein, M. (1974). Social Security, Induced Retirement, and Aggregate Capital Accumulation. Journal of Political Economy, 82(5), 905-926. https://www.jstor.org/stable/1829174
  54. Feldstein, M. (1976). Social Security and Saving: The Extended Life Cycle Theory, American Economic Review, 66(2), 77-86. https://www.jstor.org/stable/1817202
  55. Feldstein, M. (1977). Social Security and Private Savings: International Evidence in an Extended Life-Cycle Model. [in:] Feldstein, M. and Inman, R.P. (Eds). The Economics of Public Services. London: The Macmillan Press, 174-205. https://link.springer.com/chapter/10.1007/978-1-349-02917-4_8
  56. Feldstein, M. and Pellechio, A. (1979). Social Security and Household Wealth Accumulation: New Microeconometric Evidence. Review of Economics and Statistics, 61(3), 361-368. https://www.jstor.org/stable/1926065
  57. Feldstein, M. (1980). International Differences in Social Security and Saving. Journal of Public Economics, 14(2), 225-244. https://doi.org/10.1016/0047-2727(80)90041-9
  58. Feldstein, M. (1982). Social Security and Private Savings: A Reply. Journal of Political Economy, 90(3), 630-642. https://doi.org/10.1086/261078
  59. Feldstein, M. (1996). Social Security and Saving: New Time Series Evidence. National Tax Journal, 49(2), 151-164. https://doi.org/10.1086/NTJ41789194
  60. Feldstein, M. (2005). Rethinking Social Insurance, American Economic Review, 95(1), 1-24. https://www.jstor.org/stable/4132668
  61. Feng, J., He, L. and Sato, H. (2011). Public pension and household saving: Evidence from urban China. Journal of Comparative Economics, 39(4), 470-485. https://doi.org/10.1016/j.jce.2011.01.002
  62. Fessler, P. and Schürz, M. (2018). Private Wealth Across European Countries: The Role of Income, Inheritance and the Welfare State, Journal of Human Development and Capabilities, 19(4), 521-549. https://doi.org/10.1080/19452829.2018.1507422
  63. Gale, W. G. (1998). The Effects of Pensions on Household Wealth: A Reevaluation of Theory and Evidence. Journal of Political Economy, 106(4), 706-723. https://www.jstor.org/stable/10.1086/250027
  64. Gullason, E.T., Kolluri, B.R. and Panik, M.J. (1993). Social Security and Household Wealth Accumulation: Refined Microeconometric Evidence, Review of Economics and Statistics, 75(3), 548-551. https://www.jstor.org/stable/2109474
  65. Gustman, A.L. and Steinmeier, T.L. (1999). The Effects of Pensions and Retirement Policies on Retirement in Higher Education. American Economic Review, 81(2), 111-115. https://www.jstor.org/stable/2006836
  66. Gustman, A.L. and Steinmeier, T.L. (2012). Policy effects in hyperbolic vs. exponential models of consumption and retirement. Journal of Public Economics, 96(5), 465-473. https://doi.org/10.1016/j.jpubeco.2012.02.001
  67. Holzmann, R. (1981). Public finance and private saving in Austria: The effects of social security, Empirica, 8, 187-216. https://doi.org/10.1007/BF00930298
  68. Honarvar, S.S., Raghfar, H. and Mousavi, M. (2017). Macroeconomic and Welfare Effects of Parametric Pension Reform in Iran, Journal of Money and Economy, 12(4), 455-479. https://jme.mbri.ac.ir/browse.php?a_code=A-10-241-1&slc_lang=en&sid=1
  69. Hubbard, R. G. (1986). Pension Wealth and Individual Saving: Some New Evidence. Journal of Money, Credit and Banking, 18(2), 167-78. https://www.jstor.org/stable/1992200
  70. Hubbard, R.G. (1987). Uncertain Lifetimes, Pensions, and Individual Saving [in:] Bodi, Z., Shoven, J.B. and Wise, D.A. (Eds) Issues in Pension Economics. Chicago: University of Chicago Press. https://ideas.repec.org/h/nbr/nberch/6859.html
  71. Hurd, M. (1987). Savings of the Elderly and Desired Bequest, American Economic Review, 77(3), 298-312. https://econpapers.repec.org/article/aeaaecrev/v_3a77_3ay_3a1987_3ai_3a3_3ap_3a298-312.htm
  72. Hurd, M., Michaud, P.-C. and Rohwedder, S. (2012). The Displacement Effect of Public Pensions on the Accumulation of Financial Assets, Fiscal Studies, 33(1), 107-28. https://doi.org/10.1111%2Fj.1475-5890.2012.00154.x
  73. Jappelli, T. (1995). Does social security reduce the accumulation of private wealth? Evidence from Italian survey data. Ricerche Economiche, 49(1), 1-31. https://doi.org/10.1016/0035-5054(95)90008-X
  74. Jappelli, T., Marino, I. and Padula, M. (2020). Social Security Uncertainty and Demand for Retirement Saving, Review of Income and Wealth, Early View. https://onlinelibrary.wiley.com/doi/abs/10.1111/roiw.12494
  75. Johnson, P. (1984). Self-Help versus State Help: Old Age Pensions and Personal Savings in Great Britain, 1906-1937. Explorations in Economic History, 21(4), 329-350. https://doi.org/10.1016/0014-4983(84)90001-9
  76. Kapteyn, A., Alessie, R. and Lusardi, A. (2005). Explaining the wealth holdings of different cohorts: Productivity growth and Social Security, European Economic Review, 49(5), 1361-1391. https://doi.org/10.1016/j.euroecorev.2003.12.001
  77. Katona, G. (1965). Private pensions and individual savings. Ann Arbor: University of Michigan.
  78. Kessler, D., Masson, A. and Strauss-Kahn, D. (1981). Social Security and Saving: A Tentative Survey. Geneva Papers on Risk and Insurance, 18(1), 3-50. https://www.jstor.org/stable/41949992
  79. Kim, S. (1992). Gesetzliche Rentenversicherung und Ersparnisbildung der Privaten Haushalte in der Bundesrepublik Deutschland. Zeitschrift für die gesamte Versicherungswissenschaft, 47: 555–78. https://doi.org/10.1007/BF03188153
  80. Kim. S. and Klump, R. (2010). The effects of public pensions on private wealth: evidence on the German savings puzzle. Applied Economics, 42(15), 1917-1926. https://doi.org/10.1080/00036840701749027
  81. Kochin, L. A. (1974). Are Future Taxes Anticipated by Consumers?: Comment. Journal of Money, Credit and Banking, 6(3), 385-394. https://ideas.repec.org/a/mcb/jmoncb/v6y1974i3p385-94.html
  82. Kohl, R. and O’Brien, P. (1998). The Macroeconomic of Ageing, Pensions and Savings: A Survey. Economic Department Working Paper No. 200. Paris: OECD. https://doi.org/10.1787/687160618113
  83. Koptis, G. and Gotur, P. (1980). The Influence of Social Security on Household Savings: A Cross-Country Investigation. Staff Papers (International Monetary Fund), 27(1), 161-90. https://www.jstor.org/stable/3866865
  84. Koskela, E. and Virén, M. (1983). Social Security and Household Saving in an International Cross Section, American Economic Review, 73(1), 212-217. https://www.jstor.org/stable/1803939
  85. Kotlikoff, L. J. (1979). Testing the Theory of Social Security and Life Cycle Accumulation. American Economic Review, 69(3), 396-410. https://www.jstor.org/stable/1807373
  86. Lachowska, M. and Myck, M. (2018). The Effect of Public Pension Wealth on Saving and Expenditure. American Economic Journal: Economic Policy, 10(3), 284-308. https://doi.org/10.1257/pol.20150154Law, D. (2019). The performance of the New Zealand economy: Savings and housing. PhD thesis, University of Victoria. https://openaccess.wgtn.ac.nz/articles/thesis/The_performance_of_the_New_Zealand_economy_Savings_and_housing/17139713
  87. Lehmann-Hasemeyer, S. and Streb, J. (2018). Does Social Security Crowd Out Private Savings? The Case of Bismarck’s System of Social Insurance. European Review of Economic History, 22(3), 298-321. https://doi.org/10.1093/ereh/hex022
  88. Leimer, D.R. and Lesnoy, S.D. (1982). Social Security and Private Saving: New Time series Evidence. Journal of Political Economy, 90(3), 606-29. https://www.jstor.org/stable/1831373
  89. Lee, M.L and Chao, S.-H. (1988). Effects of social security on personal saving. Economics Letters, 28(4), 365-368. https://doi.org/10.1016/0165-1765(88)90014-6
  90. Lefebrve, M. and Perelman, S. (2020). Public pension wealth and household asset holdings: new evidence from Belgium. Journal of Pension Economics & Finance, 19(3), 309-322. https://doi.org/10.1017/S1474747218000409
  91. Li, Y. (2018). Economic Analysis of Social Security Survivors Insurance, International Economic Review, 59(4), 2043-73. https://www.jstor.org/stable/45018832
  92. Liebman, J.B. and Luttmer, E.F.P. (2015). Would People Behave Differently If They Better Understood Social Security? Evidence from a Field Experiment. American Economic Journal: Economic Policy, 7(1), 275-299. https://doi.org/10.1257/pol.20120081
  93. Low, L., Heng, T.M. and Kapur, B.K. (1986). Survey on Theoretical Issues and Evidence on Social Security [with Comment]. ASEAN Economic Bulletin, 3(1), 11-34. https://www.jstor.org/stable/25770092
  94. Lusardi, A. and Mithcell, O.S. (2014). The Economic Importance of Financial Literacy: Theory and Evidence, Journal of Economic Literature, 52(1), 5-44. https://doi.org/10.1257/jel.52.1.5
  95. Magnussen, K. A. (1994a). Old-Age Pensions, Retirement Behaviour and Personal Saving. A Discussion of the Literature. Social and economic studies 087. Oslo: Statistics Norway. https://www.ssb.no/en/sosiale-forhold-og-kriminalitet/artikler-og-publikasjoner/old-age-pensions-retirement-behaviour-and-personal-saving
  96. Magnussen, K. A. (1994b). Precautionary Saving and Old-Age Pensions. Discussion Papers, No. 108. Oslo: Statistics Norway. https://ssb.brage.unit.no/ssb-xmlui/handle/11250/2630498
  97. Madrian, B.C. (2012). Matching Contributions and Savings Outcomes: A Behavioral Economics Perspective. NBER Working Paper 18220. National Bureau of Economic Research https://www.nber.org/papers/w18220
  98. Madrian, B.C. and Shea, D.F. (2001). The Power of Suggestion: Inertia in 401(k) Participation and Savings Behavior. Quarterly Journal of Economics, 116(4), 1149–1187 https://www.jstor.org/stable/2696456
  99. Markowski, A. and Palmer, E. (1979). Social Insurance and Saving in Sweden. [in:] von Furstenberg (Ed) Social Security versus Private Savings. Cambridge, MA: Ballinger Publishing Company.
  100. Mayer, T. (1972). Permanent Income, Wealth, and Consumption. A Critique of the Permanent Income Theory, the Life-Cycle Hypothesis, and Related Theories. Berkeley: University of California Press. https://www.degruyter.com/document/doi/10.1525/9780520337169/html
  101. Meguire, P. (1988). Comment: A Social Security and Private Savings. National Tax Journal, 51(2), 339-358. https://doi.org/10.1086/NTJ41789331
  102. Meriküll, J. and Rõõm, T. (2021). Are survey data underestimating the inequality of wealth?. Empirical Economics, Early View. https://doi.org/10.1007/s00181-021-02030-6
  103. Mirer, T.W. (1992). Life-cycle valuation of social security and pension wealth. Journal of Public Economics, 48(3), 377-384. https://doi.org/10.1016/0047-2727(92)90014-7
  104. Modigliani, F. and Sterling, A. (1983). Determinants of private saving with special reference to the role of social security – cross country tests” [in:] Modigliani, F. and Hemming R. (Eds), The Determinants of National Saving and Wealth, Macmillan, London, 24-55. https://doi.org/10.1007/978-1-349-17028-9_2
  105. Modigliani, F. (1986). Life Cycle, Individual Thrift, and the Wealth of Nations. American Economic Review, 76(3), 297-313. https://www.jstor.org/stable/1813352
  106. Munell, A.H. (1974). The Impact of Social Security on Personal Savings. National Tax Journal, 27(4), 553-567. https://doi.org/10.1086/NTJ41861987
  107. Munell, A.H. (1976). Private Pensions and Saving: New Evidence. Journal of Political Economy, 84(5), 1013-32. https://doi.org/10.1086/260494
  108. Novos, I.E. (1989). Social Security Wealth and Wealth Accumulation: Further Microeconomic Evidence, Review of Economics and Statistics, 71(1), 167-171. https://www.jstor.org/stable/1928065
  109. OECD (2019). Pensions at a Glance 2019. Paris: OECD Publishing. https://doi.org/10.1787/b6d3dcfc-en
  110. Oliviera, J. (2018). The distribution of pension wealth in Europe. Journal of Economics of Ageing, 13, 30-42. https://doi.org/10.1016/j.jeoa.2018.06.001
  111. Perelman, S. and Pestieau, P. (1984). The effect of social security on saving: The case of Belgium with a particular emphasis on the behavior of the aged, Empirical Economics, 9, 15-26. https://doi.org/10.1007/BF01972174
  112. Pfau, W.D. (2005). The Effects of Social Security on Private Savings: A Reappraisal of the Time Series. Sophia International Review, 27(1), 57-70. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1295744
  113. Rosi, N. and Visco, I. (1995). National saving and social security in Italy. Ricerche Economiche, 49, 329-356. https://doi.org/10.1006/reco.1995.0020
  114. Rutkowski, A. (2019). Evaluating an old-age voluntary saving scheme under incomplete rationality. Gospodarka Narodowa. The Polish Journal of Economics, 3(299), 55-94. https://doi.org/10.33119/GN/111471
  115. Sierminska, E. and Wroński, M. (2023). Inequality and Public Pension Entitlements. In: Zimmermann, K.F. (eds) Handbook of Labor, Human Resources and Population Economics. Springer, Cham. https://doi.org/10.1007/978-3-319-57365-6_440-1
  116. Scheubel, B. (2013). Bismarck’s Institutions: A Historical Perspective on the Social Security Hypothesis. Tuebingen: Mohr Siebeck. https://www.jstor.org/stable/j.ctvf3w2sm
  117. Schröder, J. (1983). Social security and the macroeconomic saving-income ratio. Weltwirtschaftliches Archiv, 119, 554-568.
  118. Slavov, S., Gorry, D., Gorry, A. and Caliendo, F.N. (2018). Social Security and Saving: An Update. Public Finance Review, 47(2), 312-348. https://doi.org/10.1177/1091142118770199
  119. Smith, B.A. and Couch, K.A. (2014). How Effective Is the Social Security Statement? Informing Younger Workers about Social Security. Social Security Bulletin, 74(4), 1-19. https://www.ssa.gov/policy/docs/ssb/v74n4/v74n4p1.html
  120. Thaler, R.H. (1990). Anomalies: Saving, Fungibility, and Mental Accounts. Journal of Economic Perspectives, 4(1), 193-205. https://doi.org/10.1257/jep.4.1.193
  121. Thaler, R. H. (1999). Mental accounting matters. Journal of Behavioral Decision Making, 12(3), 188-206. https://doi.org/10.1002/(SICI)1099-0771(199909)12:3%3C183::AID-BDM318%3E3.0.CO;2-F
  122. Thaler, R.H.. and Sunstein, C.R. (2008) Nudge: Improving Decisions About Health, Wealth, and Happiness. New Haven: Yale University Press https://yalebooks.yale.edu/book/9780300262285/nudge/
  123. Todó-Rovira, A. and Pérez-Ramael, T. (1988). Social security and private savings: a reconsideration of the assumptions. Applied Economics, 20(8), 1057-69. https://doi.org/10.1080/00036848800000026
  124. Tyrowicz, J., Maraski, K. and Rutkowski, A. (2020). Fiscal incentives to pension savings – are they efficient?. Working Paper 20/06. Waterloo: Rimini Center for Economic Analysis. https://grape.org.pl/article/fiscal-incentives-pension-savings-are-they-efficient
  125. von Krockow, C. (1997). Bismarck. Eine Biographie. Stuttgart, Deutsche Verlags-Anstalt.
  126. Wassel, C.S. Jr. (2018). Social Security and saving: A time series econometrics pedagogical example (with R code). Journal of Economic Education, 49(1), 103-114. https://doi.org/10.1080/00220485.2017.1397575
  127. Wroński, M. (2023a). The impact of social security wealth on the distribution of wealth in the European Union. Journal of the Economics of Ageing, 24, 100445. https://doi.org/10.1016/j.jeoa.2023.100445
  128. Wroński, M. (2023b). The Displacement Effects of Social Security Wealth in a Transition Economy: The Case of Poland. Gospodarka Narodowa (The Polish Journal of Economics), 313(1/2023), 19-40. https://doi.org/10.33119/GN/159033
  129. Wroński, M. (2023c). The impact of the public pension system on wealth inequality. The distribution of augmented wealth in Poland. Applied Economics Letters, 30(3), 355 – 359. https://doi.org/10.1080/13504851.2021.1985719
  130. Zant. W. (1988). Social security wealth and aggregate consumption: An extended life-cycle model estimated for The Netherlands, De Economist, 136-153. https://doi.org/10.1007/BF02078542
  131. Zhao, Q., Li, Z. and Chen, T. (2016). The Impact of Public Pension on Household Consumption: Evidence from China’s Survey Data. Sustainability, 8, 890. https://doi.org/10.3390/su8090890