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The Effect of Social Security on Personal and Private Saving in the Short Run and the Long Run: A Time Series Analysis

Author

Listed:
  • Peter J. Saunders

    (Central Washington University)

  • Koushik Ghosh

    (Central Washington University)

Abstract

This paper investigates the impact of social security payments on personal and private saving in the U.S. in the short run and the long run. Annual data ranging from 1959 to 2003 are used to investigate this relationship. The long run investigation of the relationship between Social Security and saving is undertaken within the confines of Johansen’s (1988) testing framework. Its results indicate that Social Security and personal and private saving are related in the long run. Vector error correction (VEC) estimation is used to analyze the impact of Social Security on personal and private saving in the short run. The test results indicate that Social Security has a negative causal impact on saving in the short run.

Suggested Citation

  • Peter J. Saunders & Koushik Ghosh, 2006. "The Effect of Social Security on Personal and Private Saving in the Short Run and the Long Run: A Time Series Analysis," Journal of Economic Insight, Missouri Valley Economic Association, vol. 32(1), pages 91-104.
    • Handle: RePEc:mve:journl:v:32:y:2006:i:1:p:91-104
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    Cited by:

    1. Katarina R.I. Keller, 2019. "The effects of private social security accounts on economic growth in Eastern Europe," Economics Bulletin, AccessEcon, vol. 39(2), pages 1348-1360.
    2. Seng-Eun Choi, 2010. "Social Security and Household Saving in Korea: Evidence from the Household Income and Expenditure Survey," Korean Economic Review, Korean Economic Association, vol. 26, pages 97-119.

    More about this item

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions

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