Found 3 article(s) for author 'pensions'

The effect of automatic enrolment on debt

The effect of automatic enrolment on debt. John Beshears, David Laibson, September 17, 2019, Paper, “Automatic enrolment in defined contribution pension plans might be the most common policy application of behavioural economics. But does automatic enrolment increase pension savings at the expense of increased household debt? This column examines a natural experiment in which the US Army began automatically enrolling its civilian employees in its retirement savings plan. It finds strong evidence against the hypothesis that automatic enrolment increases financial distress and debt excluding auto loans and first mortgages.Link

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Presidential Address: Pension Policy and the Financial System

Presidential Address: Pension Policy and the Financial System.┬áDavid Scharfstein, August 24, 2018, Paper, “In this paper, I examine the effect of pension policy on the structure of financial systems around the world. In particular, I explore the hypothesis that policies that promote pension savings also promote the development of capital markets. I present a model that endogenizes the extent to which savings are intermediated through banks or capital markets, and derive implications for corporate finance, household finance, banking, and the size of the financial sector. I then present a number of facts that are broadly consistent with the theory and examine a variety of alternative explanations of my findings.Link

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Pension Policy and the Financial System

Pension Policy and the Financial System.┬áDavid Scharfstein, May 2018, Paper, “This paper examines the effect of pension policy on the structure of financial systems around the world. In particular, I explore the hypothesis that policies that promote pension savings also promote the development of capital markets. I present a model that endogenizes the extent to which savings are intermediated through banks or capital markets, and derive implications for corporate finance, household finance, banking, and the size of the financial sector. I then present a number of facts that are broadly consistent with the theory and examine a variety of alternative explanations of my findings.Link

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