| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP6088 |
| DP6088 On the Relationship between Fiscal Plans in the European Union: An Empirical Analysis Based on Real-Time Data | |
| Roel Beetsma; Massimo Giuliodori | |
| 发表日期 | 2007-02-14 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | The paper seeks to explain the huge cross country variation in private pension funding, shaped by historical choice made when universal pension systems were created after the Great Depression. According to Perotti and von Thadden (2006), large inflationary shocks due to war damage devastated middle class savings in some countries in the first half of the XX century. This shaped political preferences over the role of capital markets and social insurance, and contributed to the Great Reversals documented by Rajan and Zingales (2003). Wealth distribution shocks are indeed strongly related to private pension funding, as a large shock reduces the stock of private retirement assets by 58% of GDP. The results are robust to controlling for other explanations, such as legal origin, original financial development, past and current demographics, religion, electoral voting rules, redistributive politics, national experiences with financial market performance, or other major financial shocks that were not specifically redistributive. Corroborating evidence indicates that such redistributive shocks help explain the cross country variation in social expenditures, state ownership of industry, and employment protection measures along the lines predicted by a political shift in affected countries. |
| 主题 | Financial Economics ; Public Economics |
| 关键词 | Inflationary shocks Pension Political economy Redistribution Retirement finance |
| URL | https://cepr.org/publications/dp6088 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534927 |
| 推荐引用方式 GB/T 7714 | Roel Beetsma,Massimo Giuliodori. DP6088 On the Relationship between Fiscal Plans in the European Union: An Empirical Analysis Based on Real-Time Data. 2007. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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