-As-You-Go (PAYG) social security, and the mix ofPAYG and savings for retirement provision in a small open economy. It shows that … paper also provides acondition for partial displacement of savings by the PAYG, which is in line with vastempirical evidence. …

This paper examines the substitution between pension wealth and household saving by studying Norway's 2011 pension … reform. The analysis identifies the effect of reductions in social security pension generosity on household saving using … reform, which corresponds to a five-year increase in household saving of about 27,000 NOK. When taking into account the …

We address the question of whether the heterogeneity in savings is partly due to differences in pension wealth across … heterogeneity in the mean savings offset depending on age, risk attitudes and country. Third, the offset follows different patterns …