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.
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
Ähnliche Objekte (12)
Do tax incentives for saving in pension accounts cause debt accumulation? Evidence from Danish register data
Intra-household allocation of non-mandatory retirement savings
Intra-household allocation of non-mandatory retirement savings
Does Mandatory Saving Crowd Out Voluntary Saving? Evidence from a Pension Reform
Do Mandatory Pensions Decrease Household Savings? Evidence for the Netherlands
Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
Loan types, leverage, and savings behaviour of Danish households
Improving the Equity-Efficiency Trade-Off: Mandatory Savings Accounts for Social Insurance
Improving the Equity-Efficiency Trade-off: Mandatory Savings Accounts for Social Insurance
A component-based analysis of the Danish long-run money demand relation
Spending when illiquid savings become liquid: Evidence from Danish wage earners
Do tax incentives for saving in pension accounts cause debt accumulation? Evidence from Danish register data
Intra-household allocation of non-mandatory retirement savings
Intra-household allocation of non-mandatory retirement savings
Does Mandatory Saving Crowd Out Voluntary Saving? Evidence from a Pension Reform
Do Mandatory Pensions Decrease Household Savings? Evidence for the Netherlands
Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
Loan types, leverage, and savings behaviour of Danish households
Improving the Equity-Efficiency Trade-Off: Mandatory Savings Accounts for Social Insurance
Improving the Equity-Efficiency Trade-off: Mandatory Savings Accounts for Social Insurance
A component-based analysis of the Danish long-run money demand relation
Spending when illiquid savings become liquid: Evidence from Danish wage earners
Do tax incentives for saving in pension accounts cause debt accumulation? Evidence from Danish register data
Intra-household allocation of non-mandatory retirement savings
Intra-household allocation of non-mandatory retirement savings
Does Mandatory Saving Crowd Out Voluntary Saving? Evidence from a Pension Reform
Do Mandatory Pensions Decrease Household Savings? Evidence for the Netherlands
Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
Long-Run Saving Dynamics: Evidence from Unexpected Inheritances
Loan types, leverage, and savings behaviour of Danish households
Improving the Equity-Efficiency Trade-Off: Mandatory Savings Accounts for Social Insurance
Improving the Equity-Efficiency Trade-off: Mandatory Savings Accounts for Social Insurance
A component-based analysis of the Danish long-run money demand relation