Essays on pensions and savings

Eelco Zandberg

Research output: ThesisThesis fully internal (DIV)

388 Downloads (Pure)


This thesis aims to answer important questions related to aging and saving behavior of households: How do retirement replacement rates affect saving behavior of households? What are the macroeconomic effects when governments decide to reform the pension system? These two questions are the main focus of attention of this thesis, which consists of four studies: The first three studies (Chapters 2, 3, and 4) examine life-cycle saving patterns, while the last study (Chapter 5) deals with the presumed link between funding of pensions and economic growth.

The effect of retirement replacement rates on saving behavior is important, because retirement replacement rates are declining in most Western countries. This is partly caused by the shift from defined benefit towards defined contribution schemes. But also defined benefit schemes are becoming less and less generous. To prevent a steep drop in standard of living after retirement, people thus need to save in addition to their pension scheme.

The topic of Chapter 5 is motivated by one of the main arguments in favor of funding of pensions, namely that funded pension systems are more resistant to large shocks to the age structure of the population than unfunded pension systems. Quite some countries are reforming their systems at great costs. Therefore, we want to examine whether there are macroeconomic effects of these reforms and whether these effects are positive or negative.
Original languageEnglish
QualificationDoctor of Philosophy
Awarding Institution
  • University of Groningen
  • Spierdijk, Laura, Supervisor
  • Alessie, Rob, Supervisor
  • Lensink, Robert, Assessment committee
  • van Soest, A.H.O. (Arthur), Assessment committee, External person
  • Barrett, A. , Assessment committee, External person
Award date19-Oct-2015
Place of Publication[Groningen]
Print ISBNs978-90-367-8200-5
Electronic ISBNs978-90-367-8199-2
Publication statusPublished - 2015

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