Lachowska, Marta; Myck, Michal - Institute for the Study of Labor (IZA) - 2015
cohorts affected and unaffected by the reform. Next, we estimate the extent of crowd-out by using two-stage least squares. We … 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 …