THE EFFECT OF NONCONTRIBUTORY PENSIONS ON SAVING IN MEXICO
利用墨西哥收支调查数据，研究发现联邦非缴费型养老金减少了18-54岁和65-69岁家庭的储蓄，可能通过预期效应和降低长寿风险，使收入转向人力资本投资；州级项目影响不显著。
This paper examines the effects of noncontributory pension programs at the federal and state levels on Mexican households' saving patterns using micro data from the Mexican Income and Expenditure Survey. We find that the federal program curtails saving among households whose oldest member is either 18–54 or 65–69 years old, possibly through anticipation effects, a decrease in the longevity risk faced by households, and a redistribution of income between households of different generations. Specifically, these households appear to be reallocating income away from saving into human capital investments, like education and health. Generally, state programs have neither significant effects on household saving, nor does the combination of federal and state programs. Finally, with a few exceptions, noncontributory pensions have no significant impact on the saving of households with members 70 years of age or older—individuals eligible for those pensions, plausibly because of their dissaving stage in the lifecycle.