Social Security and Saving: A Tentative Survey

Kessler, Denis; Masson, André; Strauss-Kahn, Dominique

doi:10.1057/gpp.1981.1

Cited by 11 publications

(4 citation statements)

References 45 publications

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“…"For a survey of the literature on pension funds, see Kessler et al[ 1981]. For surveys and evidence on pension funds and CORE, see Pitelis [1985 respectively.…”

Section: Data and Empirical Resultsmentioning

confidence: 99%

The Substitutability Between Discretionary and Contractual Saving and the ‘Propensity’ to Save Profit and Wage Income in the UK

Pitelis

1987

Geneva Pap Risk Insur Issues Pract

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“…"For a survey of the literature on pension funds, see Kessler et al[ 1981]. For surveys and evidence on pension funds and CORE, see Pitelis [1985 respectively.…”

Section: Data and Empirical Resultsmentioning

confidence: 99%

The Substitutability Between Discretionary and Contractual Saving and the ‘Propensity’ to Save Profit and Wage Income in the UK

Pitelis

1987

Geneva Pap Risk Insur Issues Pract

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“…On the other hand, in many cases, the identified effects of social security wealth on private wealth are not statistically significant or the evidence on the impact is mixed and highly dependent on the model specification. Older literature reviews [Kessler et al, 1981;Low et al, 1986;Magnussen, 1994;Kohl, O'Brien, 1998] also find that the evidence on the impact of social security on private wealth accumulation is not conclusive and the results are to a large extent dependent on the specification chosen. Fessler and Schürz [2018] using HFCS data confirm that the different generosity of public pension systems partially explains the cross-national differences in net wealth.…”

Section: Literature Reviewmentioning

confidence: 99%

The Displacement Effects of Social Security Wealth in a Transition Economy: The Case of Poland

Wroński¹

2023

GNPJE

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Economic theory does not give clear predictions on the impact of social security wealth on private wealth. While the basic life-cycle hypothesis predicts full displacement, many more advanced theoretical contributions anticipate only a limited offset. Empirical research on the issue is also not conclusive. In this paper, we measure the substitution between social security wealth and private wealth in Poland. To obtain measures of long-term substitution, we measure the displacement effects of social security wealth on net wealth. Our estimates of the effects on consumption and the saving rate reflect a short-term impact. Our results do not provide support for the hypothesis that social security wealth crowds out private savings in the long term. The short-term evidence is mixed, but the effects of social security wealth on consumption are at best weak, while the impact on saving rates is not statistically significant. In our view, in transition economies, the influence of social security wealth on private wealth is weaker than in developed economies because the wealth distribution has been to a large extent transformed by random and rapid events such as the privatisation of housing assets. StreszczenieTeoria ekonomii nie dostarcza jasnych prognoz dotyczących wpływu uprawnień w publicznym systemie emerytalnym na akumulację majątku prywatnego. Zgodnie z podstawową hipotezą cyklu życia uprawnienia emerytalne powinny w pełni wypierać oszczędności prywatne, jednakże w wielu bardziej zaawansowanych modelach teoretycznych przewiduje się jedynie ograniczony zakres substytucji. Badania empiryczne również nie są rozstrzygające. Celem zrealizowanego badania był pomiar zakresu substytucji pomiędzy uprawnieniami emerytalnymi a majątkiem prywatnym w Polsce. Aby zmierzyć zakres wypierania w długim okresie, dokonano pomiaru substytucji pomiędzy uprawnieniami emerytalnymi a majątkiem prywatnym (net wealth). W celu zidentyfikowania efektów krótkookresowych dokonano pomiaru wpływu uprawnień na konsumpcję i stopę oszczędności.

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“…By tearing down intellectual silos he aimed at putting insurers in a better position to fully understand their vital role in and contribution to old-age security. With Giarini’s support and encouragement, the most influential comparison between private insurance and public and private welfare was published in France (Kessler et al 1981 ). In this context, it is worth mentioning that Giarini was greatly inspired by and impressed with the Swiss retirement system and its strong reliance on compulsory occupational (‘second pillar’) as well as voluntary (‘third pillar’) pension savings.…”

Section: The First 25 Yearsmentioning

confidence: 99%

Connecting the world’s risk and insurance communities: why research-based dialogue is more important than ever

Kielholz

2021

Geneva Pap Risk Insur Issues Pract

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Almost half a century ago, The Geneva Association was founded as a 'club' of mostly European insurance CEOs. Over the decades, it has grown into a truly global organisation, with CEOs of non-European re/insurers now forming the majority of members. The organisation's recipe for success, however, has remained unchanged throughout the decades: the targeted creation of executive networks to facilitate the generation of relevant intellectual capital, in close collaboration with academia, aimed at giving the global insurance industry a credible voice vis-à-vis its key stakeholders.The current and future insurance challenges and opportunities analysed in this paper illustrate the powerful case for The Geneva Association. Some of those developments seem truly unique and unprecedented, such as the shift from tangible to intangible assets and the Big Data-induced possibility of replacing risk pooling with personalised risk coverage. The concomitant intellectual, strategic, commercial and political issues facing the global insurance industry appear to be even more complex and global in nature than those that prevailed half a century ago.

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Social Security and Saving: A Tentative Survey

Cited by 11 publications

References 45 publications

The Substitutability Between Discretionary and Contractual Saving and the ‘Propensity’ to Save Profit and Wage Income in the UK

The Substitutability Between Discretionary and Contractual Saving and the ‘Propensity’ to Save Profit and Wage Income in the UK

The Displacement Effects of Social Security Wealth in a Transition Economy: The Case of Poland

Connecting the world’s risk and insurance communities: why research-based dialogue is more important than ever

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