Supplementary pensions and savingevidence from Spain
- Antón Pérez, José Ignacio
- Muñoz de Bustillo Llorente, Rafael
- Fernández Macías, Enrique
ISSN: 1988-8767
Year of publication: 2011
Issue: 651
Type: Working paper
More publications in: Notas técnicas: [continuación de Documentos de Trabajo FUNCAS]
Abstract
This article analyzes the effect of private supplementary pensions (and the tax reliefs that aim to stimulate such plans) on national saving in Spain. The relevance of this topic results from the alleged positive effects of private pension�s plans on savings. Using a longitudinal dataset and fixed-effects methods, we find that tax-favored contributions to a pension fund are not associated to a lower consumption level, which evidences that this policy does not increase national saving. Empirical results on the impact of contributions on private household wealth are less clear.