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Title: Does mandatory pension savings crowd out private savings? The experience of Sri Lanka
Authors: Karunarathne, W. 
Abeysinghe, T. 
Keywords: Crowding out
EPF savings
Error correction formulation
Non-EPF savings
Returns to savings
Issue Date: 2005
Citation: Karunarathne, W., Abeysinghe, T. (2005). Does mandatory pension savings crowd out private savings? The experience of Sri Lanka. Journal of Asian Economics 16 (5) : 830-846. ScholarBank@NUS Repository.
Abstract: The relationship between mandatory pension savings and voluntary household savings is at best uncertain. This is cold comfort for low-income countries which plan to introduce mandatory savings schemes to boost both retirement savings and total savings. More empirical work on low-income countries may help to establish some stylized facts on the savings behavior of households in response to mandatory savings. This paper attempts to shed some light on this issue based on the experience of Sri Lanka, a low-middle income country. We find a significantly negative effect of mandatory EPF savings on non-EPF private savings but suggest that this can be offset, to some degree, through the efficient management of mandatory savings to minimize waste and maximize returns to savings.©2005 Elsevier Inc. All rights reserved.
Source Title: Journal of Asian Economics
ISSN: 10490078
DOI: 10.1016/j.asieco.2005.08.012
Appears in Collections:Staff Publications

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