@techreport{Andersenetal2022,
  type = {Working {{Paper}}},
  title = {Pension Reform and Wealth Inequality: Evidence from {{Denmark}}},
  author = {Andersen, Torben M. and Bhattacharya, Joydeep and {Grodecka-Messi}, Anna and Mann, Katja},
  year = {2022},
  month = feb,
  number = {411},
  institution = {{Sveriges Riksbank}},
  url = {https://www.riksbank.se/globalassets/media/rapporter/working-papers/2022/no.-411-pension-reform-and-wealth-inequality-evidence-from-denmark.pdf},
  urldate = {2023-02-06},
  abstract = {A growing literature explores reasons for rising wealth inequality, but disregards the role of pension systems despite their well-understood influence on life-cycle saving. In theory and according to available evidence, both pay-as-you-go (PAYG) and fully-funded (FF) pension schemes crowd out voluntary retirement saving. They differ because aggregate savings decrease in the former but increase under the latter system. Unlike most nations, Denmark has seen a decline in wealth inequality in recent decades. This paper studies a calibrated life-cycle model of Denmark and employs unique registry data to argue that a Danish pension system transition, from a mostly PAYG to a dominant, mandated FF scheme, explains much of this decline.},
  keywords = {Determinants of Wealth and Wealth Inequality}
}

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