Essays on pensions and savings

Eelco Zandberg


465 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.
Originele taal-2English
KwalificatieDoctor of Philosophy
Toekennende instantie
  • Rijksuniversiteit Groningen
  • Spierdijk, Laura, Supervisor
  • Alessie, Rob, Supervisor
Datum van toekenning19-okt.-2015
Plaats van publicatie[Groningen]
Gedrukte ISBN's978-90-367-8200-5
Elektronische ISBN's978-90-367-8199-2
StatusPublished - 2015

Citeer dit