We show empirically that there is no relation between funding of pensions and economic growth in a sample of OECD- as well as non-OECD countries over the period 2001-2008. This finding contradicts findings of earlier studies, which do not control for capital market returns of pension funds. Our...

To test some of the implications of the life cycle-permanent income hypothesis we exploit differences in expected retirement replacement rates between lowly and highly educated households. We examine education-specific age-wealth profiles at the household level. Our sample is an unbalanced panel...