Tyrowicz, Joanna and Makarski, Krzysztof and Rutkowski, Artur (2023) Can fiscal incentives to saving alleviate looming old-age poverty? JOURNAL OF PENSION ECONOMICS & FINANCE. ISSN 1474-7472, 1475-3022
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We develop a general equilibrium overlapping generations framework with incompletely rational individuals to study old-age saving incentives. Such incentives are used worldwide to help achieve the high savings rate required to sustain sufficient consumption in old age. We show that they raise the welfare of financially illiterate individuals and those with a high degree of time inconsistency. They also reduce the incidence of poverty in old age. We further quantify the fiscal cost, crowd-out, and ability to target the transfers to individuals who need the most. Given the high prevalence of these schemes, our paper has broad policy implications.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | RETIREMENT-CONSUMPTION PUZZLE; SOCIAL-SECURITY; SELF-CONTROL; FINANCIAL LITERACY; PENSION REFORM; WELFARE; TAXATION; POLICY; INCREASE; WEALTH; incomplete rationality; old-age poverty; saving incentives; welfare effects; H31; H55; I38 |
| Subjects: | 300 Social sciences > 340 Law |
| Divisions: | Law > Bürgerliches Recht > Lehrstuhl für Bürgerliches Recht, Unternehmensrecht und Grundlagen des Rechts - Prof. Dr. Alexander Hellgardt |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 20 Mar 2024 05:28 |
| Last Modified: | 20 Mar 2024 05:28 |
| URI: | https://pred.uni-regensburg.de/id/eprint/60024 |
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