Lachowska, Marta; Myck, Michal - W.E. Upjohn Institute for Employment Research - 2015
pension wealth created by Poland’s 1999 pension reform. Using the 1997–2003 Polish Household Budget Surveys, we begin by … cohorts affected and unaffected by the reform. Next, we estimate the extent of crowd-out by using two-stage least squares. We … explained by the reform. We find that one additional Polish zloty, or PLN, of pension wealth crowds out about 0.24 PLN in …