This setting lets you change the way you view articles. You can choose to have articles open in a dialog window, a new tab, or directly in the same window.
Open in Dialog
Open in New Tab
Open in same window

American Economic Journal: Economic Policy: Vol. 3 No. 4 (November 2011)

Expand

Quick Tools:

Print Article Summary
Export Citation
Sign up for Email Alerts Follow us on Twitter Subscription Information
(Institutional Administrator Access)

Explore:

AEJ: Policy - All Issues

AEJ: Policy Forthcoming Articles

Personal Retirement Accounts and Saving

Article Citation

Aguila, Emma. 2011. "Personal Retirement Accounts and Saving." American Economic Journal: Economic Policy, 3(4): 1-24.

DOI: 10.1257/pol.3.4.1

Abstract

Aging populations are leading countries worldwide to social security reforms. Many countries are moving from pay-as-you-go to personal retirement account (PRA) systems because of their financial sustainability and positive impact on private savings. PRA systems boost private savings at a macro level by converting a government liability into financial wealth managed by private fund managers. However, at a micro level, changes in retirement wealth affect individuals' saving and consumption patterns through their working lives. Retirement wealth increased for lower-income workers after Mexico introduced PRAs, crowding out saving, increasing consumption, and offsetting some of the PRA effect on private savings. (JEL D14, E21, H55, J26, O16)

Article Full-Text Access

Full-text Article

Additional Materials

Download Data Set (20.02 MB) | Online Appendix (66.31 KB)

Authors

Aguila, Emma (RAND, Santa Monica, CA)

JEL Classifications

D14: Personal Finance
E21: Macroeconomics: Consumption; Saving; Wealth
H55: Social Security and Public Pensions
J26: Retirement; Retirement Policies
O16: Economic Development: Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

Comments

View Comments on This Article (0) | Login to post a comment


American Economic Journal: Economic Policy


Quick Tools:

Sign up for Email Alerts

Follow us on Twitter

Subscription Information
(Institutional Administrator Access)

Explore:

AEJ: Policy - All Issues

AEJ: Policy - Forthcoming Articles

Virtual Field Journals


AEA Member Login:


AEAweb | AEA Journals | Contact Us