Lachowska, Marta; Myck, Michał - 2015
household saving. We also find heterogeneity in responses. For the middle-aged cohorts, we find a large public pension crowd-out … of private saving (about 0.54 PLN of private saving for each 1 PLN of public pension wealth), while the crowd-out for … younger cohorts equals about 0.30 PLN of private saving per 1 PLN. Finally, we find a close-to-complete crowd-out among highly …