Social security pension and the effect on household saving
利用挪威2011年养老金改革在不同群体间的差异，发现改革后57-61岁人群年储蓄率上升约1.4个百分点，养老金财富减少约50%被家庭储蓄增加所抵消。
Abstract In this paper, we examine the substitution between pension wealth and household saving. To identify the effect of reductions in social security pension wealth on household saving, we utilize variations in changes in social security pension wealth induced by Norway's 2011 reform across different cohorts, time periods, and sectors. Our study focuses on the saving behaviors of individuals between the ages of 57 and 61, and we find that the annual saving rate increased by around 1.4 percentage points after the reform. When considering the overall life‐cycle changes in household saving, this corresponds to a crowd‐out effect of about 50 percent of the total loss in pension wealth.