Social Security and Household Wealth Accumulation: Refined Microeconometric Evidence
利用较新的微观数据，发现社会保障财富增加对可替代财富无影响，表明李嘉图等价成立；但养老金财富受显著负向影响，若部分未完全积累，则等价不成立，社会保障可能抑制资本积累但程度较轻。
This study examines the relationship between social security wealth and fungible wealth using relatively recent micro data. The authors find that a ceteris paribus increase in social security wealth has no effect on fungible wealth, suggesting that Ricardian equivalence holds. Of the individual wealth categories comprising fungible wealth, only pension wealth is negatively and significantly affected by an increase in social security wealth and, if some of this pension wealth is not fully funded, Ricardian equivalence will not hold. The authors conclude, therefore, that the social security system might adversely affect capital accumulation but not necessarily to the degree suggested by others. Copyright 1993 by MIT Press.