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Does Social Security Crowd out Private Wealth? A Survey of the Literature

by Marcin Wron ski a,* orcid
Collegium of World Economy, SGH Warsaw School of Economics, Warszawa, Poland
Author to whom correspondence should be addressed.
Received: 2 May 2023 / Accepted: 13 June 2023 / Published: 2 July 2023


In this paper, we review the research on the substitution between social security wealth and private wealth. Our review includes over 100 theoretical and empirical contributions. Nearly 70% of the literature identifies the statistically significant impact of social security wealth on different forms of private savings. A strong majority of authors, who obtain statistically significant results find the negative impact of social security on private savings. We discuss the main limitations of the literature.

Copyright: © 2023 by Wron ski. This is an open-access article distributed under the terms of the Creative Commons Attribution License (CC BY) (Creative Commons Attribution 4.0 International License). The use, distribution or reproduction in other forums is permitted, provided the original author(s) or licensor are credited and that the original publication in this journal is cited, in accordance with accepted academic practice. No use, distribution or reproduction is permitted which does not comply with these terms.

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Wron ski, M. Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis, 2023, 2, 41.
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Wron ski M. Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis; 2023, 2(4):41.
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Wron ski, Marcin 2023. "Does Social Security Crowd out Private Wealth? A Survey of the Literature" Journal of Economic Analysis 2, no.4: 41.
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Wron ski, M. (2023). Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis, 2(4), 41.

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