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

by Marcin Wron ski a,* orcid
a
Collegium of World Economy, SGH Warsaw School of Economics, Warszawa, Poland
*
Author to whom correspondence should be addressed.
JEA  2023, 41; 2(4), 41; https://doi.org/10.58567/jea02040006
Received: 2 May 2023 / Accepted: 13 June 2023 / Published Online: 2 July 2023
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Abstract

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.

Keywords: Social security; private wealth; crowd-out effect; substitution; household wealth; the public pension system;
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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ACS Style
Wron ski, M. Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis, 2023, 2, 41. https://doi.org/10.58567/jea02040006
AMA Style
Wron ski M. Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis; 2023, 2(4):41. https://doi.org/10.58567/jea02040006
Chicago/Turabian Style
Wron ski, Marcin 2023. "Does Social Security Crowd out Private Wealth? A Survey of the Literature" Journal of Economic Analysis 2, no.4:41. https://doi.org/10.58567/jea02040006
APA style
Wron ski, M. (2023). Does Social Security Crowd out Private Wealth? A Survey of the Literature. Journal of Economic Analysis, 2(4), 41. https://doi.org/10.58567/jea02040006

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