Arbeitspapier

Mandatory pension savings and long-run debt accumulation: Evidence from Danish register data

This paper uses two decades of individual level information from Danish administrative registers to show that a 1-dollar increase in pension wealth leads to a 26-cent rise in total debt. We exploit time-sector variation in mandatory pension contribution rates to isolate the effect of pension wealth on the full financial balance sheet. Concerns of confounding factors are mitigated by sampling employees in identical occupations who have worked in the same sectors but at different points in time. Liquidity constraints seem to play a key role, and we couple the crowding-out effect with an increased propensity to use interest-only mortgages.

Sprache
Englisch

Erschienen in
Series: Danmarks Nationalbank Working Papers ; No. 156

Klassifikation
Wirtschaft
Household Saving; Personal Finance
Intertemporal Household Choice; Life Cycle Models and Saving
Macroeconomics: Consumption; Saving; Wealth
Thema
Household debt
Household balance sheets
pension savings

Ereignis
Geistige Schöpfung
(wer)
Andersen, Henrik Yde
Hansen, Niels Lynggård
Kuchler, Andreas
Ereignis
Veröffentlichung
(wer)
Danmarks Nationalbank
(wo)
Copenhagen
(wann)
2020

Handle
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Andersen, Henrik Yde
  • Hansen, Niels Lynggård
  • Kuchler, Andreas
  • Danmarks Nationalbank

Entstanden

  • 2020

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