The aging of society increases the importance of public pension systems. This study evaluates the influence of public pension entitlements on wealth inequality. Novel data source - the Eurosystem Household Finance and Consumption Survey – is used to compare the impact of the public pension...

Economic theory does not give clear predictions on the impact of social security on private wealth. The theoretical ambiguity and practical importance generated a large stream of empirical research. In this paper, we review the available evidence on displacement effects of social security. Our...

Economic theory does not give clear predictions on the impact of social security wealth on private wealth. While the basic life cycle hypothesis predicts full displacement, many theoretical contributions anticipate only a limited offset. The empirical research on the issue is also not...