Do tax subsidies for retirement saving affect total private saving? New evidence on middle‐income workers*
利用丹麦养老金改革的外生变化，研究发现减少退休储蓄的税收补贴会降低总私人储蓄，中等收入工人每减少1单位养老金储蓄，仅替代64%到其他储蓄。
Abstract We exploit exogenous variation from a pension reform in Denmark to estimate the effect of tax subsidies on total private saving. We present new evidence on individuals in the middle of the income distribution and show that a reduction in tax subsidies for retirement saving reduces total private saving. The reform changed the tax incentives for saving in the pension scheme that holds the highest tax advantage for middle‐income workers in Denmark. We find that for each unit of reduced saving in this pension scheme, only 64 percent is substituted to other types of saving.