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Mandatory pension savings, private savings, homeownership, and financial stability

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Titill: Mandatory pension savings, private savings, homeownership, and financial stabilityMandatory pension savings, private savings, homeownership, and financial stability
Höfundur: Ásgeir Daníelsson 1949
URI: http://hdl.handle.net/10802/3531
Útgefandi: Central Bank of Iceland, Economics Department
Útgáfa: 03.2012
Ritröð: Central Bank of Iceland., Working papers ; 58
Efnisorð: Lífeyrismál; Húsnæðismál; Fjármál heimilanna; Húsnæðislán
ISSN: 1028-9445
Tungumál: Enska
Tengd vefsíðuslóð: http://sedlabanki.is/lisalib/getfile.aspx?itemid=9685
Tegund: Skýrsla
Gegnir ID: 001238143
Útdráttur: This paper contributes to the discussion of effects of mandatory pension savings and house price risk on aggregate household savings, homeownership, and risks in lending to homeowners. The analysis is theoretical and based on the life-cycle hypothesis. It is shown that mandatory pension savings based on defined benefits will increase risk in lending to homeowners. Households that remain homeowners will increase their personal savings while those that prefer renting will decrease their savings as renters take on less risk from house price volatility than homeowners. The relative size of the two effects on savings depends on households‘ preferences over homeownership and renting. The assets of the mandatory pension funds in Iceland are among the highest in the world. This country also scores very high in homeownership with around 80% of households living in own homes. For these reasons data on the Icelandic pension system and on homeownership in this country provide a convenient background for discussion of the theoretical issues.


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