Capital Gains, Pension Funds and

Steindl, Josef

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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

Note:: Entstehungszeitraum vermutlich um/vor 1990.

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

Use and reproduction license:: In Copyright

Access:: Free access

DOI:: https://doi.org/10.48671/nls.js.AC14446066

1 Postscript 1988. 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 accordance with this approach the employers contributions to pension funds and the life insurance premia are defined as labour income (supplement to wages and salaries) and since they are not deducted when the take home wage is calculated they are also included in disposable income. A subsidiary feature of the approach is that the benefits paid out by the pension funds and life insurance companies are not credited to disposible income,but instead the investment income (interest) of the funds and life insurance companies is so credited.If the two are not equal the balance goes to the households disposable income.

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