Examining the Interaction between Saving and Contributions to Personal Pension Plans: Evidence from the BHPS*
利用英国家庭面板调查数据，分析英国社会保障改革对储蓄的影响，检验个人养老金计划缴费是否挤出了常规储蓄，结果发现养老金缴费不仅没有挤出储蓄，反而增加了储蓄。
Abstract This paper analyses the effects of social security reforms on saving in Britain. We use the British Household Panel Survey to investigate the interactions between voluntary additional contributions to personal pension plans (PPP) and saving in conventional forms. In particular, we test whether contributions to the PPP crowd out saving or constitute additional saving. Results suggest that not only have private pension schemes not crowded out private saving, but actually they have increased it too.