The Effect of Public Pension Wealth on Saving and Expenditure
利用波兰1999年养老金改革导致的养老金财富变化，研究发现养老金财富每减少1波兰兹罗提，家庭储蓄增加0.3波兰兹罗提，且高教育家庭中两者替代性更强。
This paper examines the degree of substitution between public pension wealth and private saving by studying Poland’s 1999 pension reform. The analysis identifies the effect of pension wealth on private saving using cohort-by-time variation in pension wealth induced by the reform. The estimates, which are based on the 1997–2003 Polish Household Budget Surveys, show that 1 Polish zloty (PLN) less of pension wealth increases household saving by 0.3 PLN. Among highly educated households, pension wealth and private saving appear to be close substitutes.