Chapter

Institutions and Saving for Retirement

Edited by Arie Kapteyn and Constantijn Panis

in Analyses in the Economics of Aging

Published by University of Chicago Press

Published in print August 2005 | ISBN: 9780226902869
Published online February 2013 | e-ISBN: 9780226903217 | DOI: http://dx.doi.org/10.7208/chicago/9780226903217.003.0010
Institutions and Saving for Retirement

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This chapter compares retirement saving and portfolio choice in the U.S., Italy and the Netherlands. The findings suggest that Americans should save more for retirement than the Dutch or the Italians and that they should save more due to more exposure to uninsurable income and consumption risk. The result also indicates that the Dutch should have relatively low stockholdings due to the low level of private wealth and that stock ownership in the U.S. should be higher than in Italy because of more developed capital markets in the United States.

Keywords: retirement saving; portfolio choice; U.S.; Italy; Netherlands; uninsurable income; consumption risk; stock ownership; capital markets

Chapter.  14521 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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