Personal Retirement Accounts and Saving
研究了墨西哥引入个人退休账户后，低收入工人退休财富增加导致储蓄减少、消费增加，部分抵消了个人退休账户对私人储蓄的宏观促进作用。
Aging populations are leading countries worldwide to social security reforms. Many countries are moving from pay-as-you-go to personal retirement account (PRA) systems because of their financial sustainability and positive impact on private savings. PRA systems boost private savings at a macro level by converting a government liability into financial wealth managed by private fund managers. However, at a micro level, changes in retirement wealth affect individuals' saving and consumption patterns through their working lives. Retirement wealth increased for lower-income workers after Mexico introduced PRAs, crowding out saving, increasing consumption, and offsetting some of the PRA effect on private savings..