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Savings Effect and Measurement of Pension Replacement Rate——Based on the Analysis of Provincial Panel Data in the Past 2006-2016 Years

Duan Yingjun;Weng Renmu;Xu Man;  
As a key variable in social insurance system,pension replacement rate will have an impact on savings.The relationship between pension substitution rate and savings would be demonstrated by using the overlapping generation model and the general equilibrium theory framework. Then,The relationship between pension substitution rate and savings would be analyzed from an empirical pointby using the provincial inter-temporal data and static and dynamic panel data. It is concluded that the decrease of pension substitution rate will lead to the increase of preventive savings.The threshold panel estimation results show that the relationship between the two is nonlinear. If we want to prevent further savings,it is so important to maintain a certain degree of pension replacementrate.
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