Effects of the Swedish Supplementary Pension System on Personal and Aggregate Household Saving
通过基于生命周期理论的模拟模型，分析瑞典补充养老金制度（ATP）的法规结构如何影响个人和总储蓄，填补了以往研究缺乏对强制储蓄如何改变家庭消费储蓄行为分析的空白。
The effect of the Swedish supplementary pension system (the ATP) on aggregate household saving has been the subject of many empirical studies., The models used in this research all have one thing in common-they lack an actual analysis of how the consumption and saving behavior of households is affected when voluntary household saving is supplemented by forced saving of the ATP type. This study constitutes an attempt to answer this question. Using a simulation model based on the life cycle theory, the effect of the ATP reform on personal and aggregate saving is analyzed on the basis of the regulatory structure of the ATP. I. Saving in the ATP The old-age pension in the Swedish supplementary pension system (the ATP) functions as both insurance and saving. As opposed to the basic pension, which is the same for everyone (given marital status), the ATP depends on the pensioner's working income during his active years. According to ATP regulations, the pension to which a person is entitled should be an annual sum amounting to 60 per cent of his average pensionable income during his 15 best-paid years. In normal cases, 30 years during which pension points are collected are necessary in order to qualify for full pension. If an individual has worked only half as many years, then he receives half pension, etc. Pensionable income refers to working income between 16 and 64 years of age and between 1 and 7.5 base amounts. The base amount is an assessed sum based on the consumer price index, so that the pension is inflation indexed.3 * This study has been made possible through the financial support of HumanistiskSamhAllsvetenskapliga Forskningsradet and the Royal Swedish Academy of Sciences. 1 See Ettlin (1976), Feldt (1958), Markowski & Palmer (1977), Kragh (1967) and Kapitalmarknad8utredningen (1978). 2 Ettlin (1976) and Lybeck (1977), for example, allow households' consumption to depend on net saving in the ATP fund, which is unsatisfactory. The ATP system is constructed so that pension size is guaranteed according to certain regulations, independent of the ATP fund. Earned pension rights would be a more relevant variable, as households' saving would then be allowed to be influenced by the size of the pensions households expect to receive. 3 The base amount in January, 1979 was equivalent to US 2975. Scand. J. of Economic8 1980 This content downloaded from 157.55.39.35 on Wed, 31 Aug 2016 04:14:12 UTC All use subject to http://about.jstor.org/terms