欧洲的退休老人是否在积累财富?遗赠动机、预防性储蓄、公共养老金和房屋所有权的重要性

IF 1.9 3区经济学 Q2 ECONOMICS

Review of Income and Wealth Pub Date : 2022-12-22 DOI:10.1111/roiw.12632

Charles Yuji Horioka, Luigi Ventura

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引用次数: 0

摘要

我们使用来自欧洲健康、老龄化和退休调查(SHARE)的大量欧洲国家的微观数据来研究欧洲退休老年人的财富积累(储蓄)行为。我们发现，在欧洲，只有不到一半的退休老人在积累他们的财富，欧洲退休老人的平均财富积累率是正的，尽管相对温和(3年期间为6.6%)。这些发现表明，财富递减之谜(退休老人不累积财富或累积财富速度慢于预期的趋势)适用于欧洲。此外，我们的回归结果表明，遗赠动机、慷慨的公共养老金制度以及退休的老年房主不愿出售或抵押其自有住房贷款，是欧洲存在财富累积之谜的主要解释。

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Do the Retired Elderly in Europe Decumulate Their Wealth? The Importance of Bequest Motives, Precautionary Saving, Public Pensions, and Homeownership

We use microdata on a large number of European countries from the Survey of Health, Ageing and Retirement in Europe (SHARE) to examine the wealth accumulation (saving) behavior of the retired elderly in Europe. We find that less than half of the retired elderly in Europe are decumulating their wealth and that the average wealth accumulation rate of the retired elderly in Europe is positive though relatively moderate (6.6 percent over a 3-year period). These findings suggest that the Wealth Decumulation Puzzle (the tendency of the retired elderly to not decumulate their wealth or to decumulate their wealth more slowly than expected) applies in the case of Europe. Moreover, our regression results suggest that bequest motives, generous public pension systems, and the reluctance of retired elderly homeowners to sell or borrow against their owner-occupied housing are the primary explanations for the existence of the Wealth Decumulation Puzzle in Europe.

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来源期刊

Review of Income and Wealth ECONOMICS-

CiteScore

4.00

自引率

10.00%

发文量

期刊介绍： The major objective of the Review of Income and Wealth is to advance knowledge on the definition, measurement and interpretation of national income, wealth and distribution. Among the issues covered are: - national and social accounting - microdata analyses of issues related to income and wealth and its distribution - the integration of micro and macro systems of economic, financial, and social statistics - international and intertemporal comparisons of income, wealth, inequality, poverty, well-being, and productivity - related problems of measurement and methodology