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

Marcin Wron Ski
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Marcin Wron Ski: Collegium of World Economy, SGH Warsaw School of Economics, Warszawa, Poland

Journal of Economic Analysis, 2023, vol. 2, issue 4, 98-122

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 (search for similar items in EconPapers)
Date: 2023
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