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Capital Gains, Pension Funds and

Bibliographic data

Works

Document type:
Works
Collection:
Josef Steindl Collection
Title:
Capital Gains, Pension Funds and: The Low Saving Ration in the United States.
Author:
Steindl, Josef
Scope:
Konvolut, 48 Blätter, Typoskript mit zahlreichen Anstreichungen und Anmerkungen sowie einzelnen handschriftlichen Notizblättern, teilweise nummeriert
Year of publication:
1990
Source material date:
[vermutlich um 1990]
Language:
English
Description:
Reliability of statistical data, household saving as contributions to pension funds or life insurance companies.
Note:
Entstehungszeitraum vermutlich um/vor 1990.
Related work:
Steindl, Josef: Capital Gains, Pension Funds and the Low Savings Ratio in the United States. In: Banca Nazionale del Lavoro Quarterly Review, Vol. 43, Issue 173, June 1990, S. 165-177
Topic:
Saving and distribution
JEL Classification:
E01 [Measurement and Data on National Income and Product Accounts and Wealth, Environmental Accounts] E21 [Macroeconomics: Consumption, Saving, Wealth] G23 [Pension Funds, Non-bank Financial Institutions, Financial Instruments, Institutional Investors]
Shelfmark:
S/M.49.2
Rights of use:
All rights reserved
Access:
Free access

Full text

2 
CnviU fie a<yj i 
^HE LOW SAVING RATIO IN THE UNITED STATES.*) 
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Some-tiiird^ago the question of the quality and reliability of 
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statistical data has been the-subject i3f\ crit\c^l—eemnfentr^Snd- 
contro^eagay in the United States. The following paper deals not 
with the quality but rather with the interpretation of statistics 
which may often be difficult for the general public but which 
y u e,icisis fc 
economists Qught-~fe©—be-inore-Tfeui-tatrl'e to undertake. 
The decline of the personal saving ratio to very unusually low 
C&l, orm Mifa* y ef-g.-iT 1 
levels in the 80s in U.S. has given^rise to some 7 .comment. The 
<J> Ls , i^ontttz-c c>>tr **' ->£? fi&csu...* 
following is to contribute something to the explanation of this 
development. &v L <J'> ^-y y , 
A considerable part of the household saving takes the form of 
contributions of employers to the pension funds and of premium 
payments of employees to life insurance companies . From the point 
of view of effective demand this should,in general, make no 
difference.lt is in any case saving,invested in financial 
assets,only the household does not have full and direct control 
over it all the time. From a statistical point of view,however,a 
few complications arise.The U.S. National Income and Product 
Accounts (briefly NIPA) as well as the Flow of Funds (FF) of the 
Federal Reserve credit the assets of the pension funds as a whole 
as well as the policy reserves of the life insurance companies to 
the households. The implication is that the funds do not make any 
saving,all accumulation is credited to the household. In 
* Acknowledgement is made to The Macmillan Publishing Co. for 
permission to reproduce the first part of this paper from the 
author"s ECONOMIC PAPERS 1941 - 1988, London 1990.
	        

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Steindl, Josef. “Capital Gains, Pension Funds And.” N.p., 1990. Print.
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