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Analyses in the Economics of Aging$
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David A. Wise

Print publication date: 2005

Print ISBN-13: 9780226902869

Published to Chicago Scholarship Online: February 2013

DOI: 10.7208/chicago/9780226903217.001.0001

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Institutions and Saving for Retirement

Institutions and Saving for Retirement

Comparing the United States, Italy, and the Netherlands

(p.281) 9 Institutions and Saving for Retirement
Analyses in the Economics of Aging
Arie Kapteyn, Constantijn Panis
University of Chicago Press

This chapter compares retirement saving and portfolio choice in the U.S., Italy and the Netherlands. The findings suggest that Americans should save more for retirement than the Dutch or the Italians and that they should save more due to more exposure to uninsurable income and consumption risk. The result also indicates that the Dutch should have relatively low stockholdings due to the low level of private wealth and that stock ownership in the U.S. should be higher than in Italy because of more developed capital markets in the United States.

Keywords:   retirement saving, portfolio choice, U.S., Italy, Netherlands, uninsurable income, consumption risk, stock ownership, capital markets

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