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Système de retraites et épargne des ménages en France

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  • André Masson
  • Denis Kessler
  • Dominique Strauss-Kahn

Abstract

[eng] Social security and saving : the French case . D. Kessler, A. Masson, D. Strauss-Kahn. Has the development of social security on a pay-as-you-go basis induced a decrease of household private saving, and hence, of capital formation ? This question has raised an important debate both on the theoretical and the empirical levels.. The life cycle model has been the main theoretical framework used : the depressing effect on capital formation of a substitution of payroll taxes to private saving could indeed be offset by the induced retirement effect or by an increase of the intergenerational transfers. The net effect on saving of these three phenomena is theoreticaly ambiguous.. To test empirically the effect of social security on private saving either a social security wealth variable or a social security coverage index are introduced in an aggregate consumption function. The results obtained with french data dont confirm the hypothesis of a depressive effect on saving of the social security scheme. This conclusion is similar to the results of most of the studies carried abroad. [fre] L'instauration et le développement des mécanismes de retraite par répartition ont-ils conduit à déprimer l'épargne privée des ménages français ? Cette question est l'objet d'un débat important, tant sur le plan théorique qu'au niveau empirique. L'analyse théorique a surtout reposé sur le modèle de cycle de vie : l'effet négatif d'une substitution des cotisations de retraite à l'épargne privée peut être com­pensé par une accumulation patrimoniale plus soutenue pour financer une période de retraite plus longue due à une diminution induite de l'âge où l'on prend sa retraite, ou par l'accroissement des transferts patrimoniaux en faveur des générations descendantes. L'effet résultant de ces trois phénomènes est théoriquement indéterminé.. Les tests empiriques consistent à introduire dans les équations de consommation agrégée soit un équivalent patrimonial des droits à la retraite, soit un indicateur des cotisations versées. Les résultats obtenus dans le cas français ne mettent pas en évidence un effet significatif du système de retraite sur l'épargne des ménages. Ceci confirme les conclusions des travaux analogues menés à l'étranger.

Suggested Citation

  • André Masson & Denis Kessler & Dominique Strauss-Kahn, 1980. "Système de retraites et épargne des ménages en France," Revue Économique, Programme National Persée, vol. 31(6), pages 1157-1177.
  • Handle: RePEc:prs:reveco:reco_0035-2764_1980_num_31_6_408573
    DOI: 10.3406/reco.1980.408573
    Note: DOI:10.3406/reco.1980.408573
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    References listed on IDEAS

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    1. Boskin, Michael J. & Hurd, Michael D., 1978. "The effect of social security on early retirement," Journal of Public Economics, Elsevier, vol. 10(3), pages 361-377, December.
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