Do Tax Incentives for Saving in Pension Accounts Cause Debt Accumulation?: Evidence from Danish Register Data

Henrik Yde Andersen

Do Tax Incentives for Saving in Pension Accounts Cause Debt Accumulation? Evidence from Danish Register Data

Økonomisk Institut

Publikation: Working paper › Forskning

Abstract

I papiret analyseres sammenhængen mellem opsparing i private pensioner og bruttogæld i danske husholdninger. Ved at udnytte en uventet reduktion i skattefradraget ved pensionsindbetaling viser analysen, at afdrag på gælden øges, når skattefordelen på pensionsområdet reduceres. På den baggrund konkluderer vi, at fradragsberettigede pensionsordninger kan påvirke opbygningen af gæld i husholdningerne. På linje med den seneste forskning finder vi, at skattefradrag ved opsparing i private pensioner kun har en begrænset effekt på den samlede opsparing i husholdningerne. Modsat tidligere studier er vi imidlertid i stand til at skelne mellem effekten på finansielle aktiver og passiver. Det har været muligt, fordi vi som noget ekstraordinært har haft adgang til detaljerede oplysninger om alle realkreditlån i Danmark. Ved hjælp af det eksogene stød til pensionsbeskatningen viser vi, hvordan en markant
reduktion i frivillige pensionsbidrag delvist modgås af et øget afdrag på realkreditgæld.

Originalsprog	Engelsk
Udgivelsessted	København
Udgiver	Danmarks Nationalbank
Antal sider	36
Status	Udgivet - dec. 2015

Navn	Danmarks Nationalbank. Working Papers
Nummer	101
ISSN	1602-1193

Emneord

Pension savings
Household debt
Mortgage loans

Adgang til dokumentet

https://www.nationalbanken.dk/da/publikationer/Documents/2015/12/DN_WP101_2015.pdfLicens: Ikke-specificeret

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Persistent link

Citationsformater

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abstract = "Measuring the effect of an unanticipated reduction in tax credits on pension savings, this paper shows that individuals tend to make extraordinary repayments on their debt when saving in retirement accounts becomes lessattractive. We conclude that tax-favoured retirement accounts could affect gross debt accumulation. In line with recent studies, we show that tax subsidies for saving in pension accounts only affect total individual savings to a limited extent, but unlike prior research this paper distinguishes between the effects on financial assets and liabilities. As a particular feature, we have gained access to comprehensive information on all mortgage loans in Denmark. Exploiting the exogenous shock to pension taxation, we demonstrate how a sharp reduction in voluntary pension savings is partly offset by increased repayments on mortgage loans.",

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