3 An alternative approach is the "ongoing concern" treatment. It derives pension wealth under the assumption that employees continue to work at their place of employment until expected date of retirement. We abstain from implementing this approach as it requires strong assumptions about employees' future employment biographies and retirement decisions. 4 We have included private pension plans in net worth as these plans are difficult to distinguish from other types of private savings. 5 Further examples are private pensions (Riester and Rürup pensions) that are subject to deferred taxation. In case of real estate and assets, the time of sale determines the tax burden of a divestiture of real estate (e.g., via the market value of assets and the income tax on resulting gains). and its role for households' overall wealth. The present paper differs from Frick and Grabka (2010, 2013) in several ways:1. Definition of wealth aggregate. As in Grabka (2010, 2013), our wealth aggregate includes occupational pensions of both the retired and non-retired population. In contrast to Grabka (2010, 2013), our wealth aggregates are pre-rather than post-taxes. 2. Comprehensiveness of the analysis. While Frick and Grabka (2010, 2013) focus on the level effect of the inclusion of pension wealth in a broader wealth concept, we provide a decomposition of wealth inequality by factors. Further, we assess the variability of our estimators by means of a bootstrap procedure. 3. Consistency of data. Our analysis relies on a single dataset, in which both net worth and pension entitlements were surveyed directly. Because of data limitations, Frick and Grabka (2010, 2013) use two distinct microdata sets and link them by means of statistical matching. Their statistical matching procedure relies on age trajectories of key variables. For late birth cohorts, the trajectories are short and contain little information. For early birth cohorts, there is significant item non-response, requiring considerable data imputation. Such and other issues have unknown implications for the accuracy of their analysis. 4. Period of analysis. Whereas Frick and Grabka (2010, 2013) analyze data from 2007, we use more recent data from 2012 and 2013.

This study identifies the causal effect of pension generosity on women's fertility behavior. It capitalizes on Brazil's expansion of the pension system to rural workers, whose pension wealth subsequently more than tripled. Event study, difference-indifferences and instrumental variable methods show that the pension reform reduces the propensity of childbearing of women in fertile age by 10% in the short-run. Completed fertility declines by 1.3 children within 20 years after the reform, reducing the contribution base of the Pay-As-You-Go pension system in the long-run. The fertility response is strongest at higher birth parities, among older women and among mothers with sons.

This study identifies the causal effect of pension generosity on women’s fertility behavior. It capitalizes on Brazil’s expansion of the pension system to rural workers, whose pension wealth subsequently more than tripled. Difference-in-difference, instrumental variable, and event study methods show that the pension reform reduces the propensity of childbearing of women of fertile age by 8 percent in the short run. Completed fertility declines by 1.3 children within 20 years after the reform, reducing the contribution base of the pay-as-you-go long run. The fertility response is strongest at higher birth parities, among older women, and among mothers with sons. (JEL H55, I38, J13, J16, O15)

With (automatic) exchange of tax information among countries now common, tax evaders have had to find new ways to hide their offshore holdings. One such way are citizenship-by-investment programs, which offer foreigners a new passport for a local investment or a fixed fee. We show analytically that high-income individuals acquire a new citizenship to lower the probability that their tax evasion is detected through information exchange. Using data on cross-border bank deposits, we find that deposits in tax havens increase after a country starts offering a citizenshipby-investment program, providing indirect evidence that tax evaders use these programs.

No abstract

Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in SOEPpapers on Multidisciplinary Panel Data Research at DIW BerlinThis series presents research findings based either directly on data from the German SocioEconomic Panel study (SOEP) or using SOEP data as part of an internationally comparable data set (e.g. CNEF, ECHP, LIS, LWS, CHER/PACO). SOEP is a truly multidisciplinary household panel study covering a wide range of social and behavioral sciences: economics, sociology, psychology, survey methodology, econometrics and applied statistics, educational science, political science, public health, behavioral genetics, demography, geography, and sport science.The decision to publish a submission in SOEPpapers is made by a board of editors chosen by the DIW Berlin to represent the wide range of disciplines covered by SOEP. There is no external referee process and papers are either accepted or rejected without revision. Papers appear in this series as works in progress and may also appear elsewhere. They often represent preliminary studies and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be requested from the author directly.Any opinions expressed in this series are those of the author(s) and not those of DIW Berlin.Research disseminated by DIW Berlin may include views on public policy issues, but the institute itself takes no institutional policy positions. Abstract. Research on wealth inequality usually focuses on real and financial assets, while pension wealth -the present value of future pension entitlements from public and company pension schemes -receives little attention. This is astonishing, given that pension plans play an important role for material security and well-being for an overwhelming part of the population and, thus, should be accounted for in peoples' wealth portfolios. Using novel data from the Socio Economic Panel (SOEP), we show the incidence, relevance, and distribution of individual pension wealth, net worth, and augmented wealth (the sum of the two) in Germany. Further, we investigate age-wealth-profiles and differences between East and West Germany.JEL codes: D31, H55, J32

This study identifies the causal effect of pension generosity on women's fertility behavior. It capitalizes on Brazil's expansion of the pension system to rural workers, whose pension wealth subsequently more than tripled. Event study, difference-in-differences and instrumental variable methods show that the pension reform reduces the propensity of childbearing of women in fertile age by 10% in the short-run. Completed fertility declines by 1.3 children within 20 years after the reform, reducing the contribution base of the Pay-As-You-Go pension system in the long-run. The fertility response is strongest at higher birth parities, among older women and among mothers with sons.