Social Security and Households' Saving

Orazio Attanasio and Agar Brugiavini

The Quarterly Journal of Economics, 2003, vol. 118, issue 3, 1075-1119

Abstract: This paper provides new evidence on the substitutability between private and pension wealth by exploiting the Italian pension reform of 1992. We use a difference-in-difference estimator that exploits the differential effects of the reform on individuals belonging to several year-of-birth cohorts and different occupational groups. We find convincing evidence that saving rates increase as a result of a reduction in pension wealth. By allowing for the possibility that substitutability changes with age, we find that substitutability is particularly high (and precisely estimated) for workers between 35 and 45.

Date: 2003
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