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Health, Pension Benefits and Longevity How They Affect Household Savings?

El Mekkaoui de Freitas, Najat; Oliveira Martins, Joaquim (2014), Health, Pension Benefits and Longevity How They Affect Household Savings?, The Journal of the Economics of Ageing, 3, p. 21–28. 10.1016/j.jeoa.2014.03.001

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Type
Article accepté pour publication ou publié
Date
2014
Journal name
The Journal of the Economics of Ageing
Volume
3
Publisher
Elsevier
Pages
21–28
Publication identifier
10.1016/j.jeoa.2014.03.001
Metadata
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Author(s)
El Mekkaoui de Freitas, Najat
Laboratoire d'Economie de Dauphine [LEDa]
Oliveira Martins, Joaquim
Laboratoire d'Economie de Dauphine [LEDa]
Abstract (EN)
This paper analyses the impact of health, pension systems and longevity on savings. It uses a simple life-cycle model embodying social transfers (health care and pension expenditures) and changes in longevity to determine the level of household savings. From this model, we derived an econometric specification, augmented with the effects of public budget balances. The model is estimated for a panel of 22 OECD countries for the period 1970-2009. Our principal result is that, from the point of view of incentive to save, health transfers have a similar impact as pension replacement rates. Therefore, welfare reforms that reduce replacement rates without reforming health system may not have all the expected impact on household savings. In line with life-cycle theory, we found that longevity increases saving ratios.
Subjects / Keywords
saving; pension systems; consumption; health; longevity; Ageing
JEL
D91 - Intertemporal Household Choice; Life Cycle Models and Saving
I13 - Health Insurance, Public and Private
J10 - General
J11 - Demographic Trends, Macroeconomic Effects, and Forecasts
J26 - Retirement; Retirement Policies

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