TY - CHAP T1 - Institutions and Saving for Retirement: Comparing the United States, Italy, and the Netherlands T2 - Analyses in the Economics of Aging Y1 - 2005 A1 - Arie Kapteyn A1 - Panis, Constantijn ED - David A Wise KW - Consumption and Savings KW - Methodology AB - This paper analyzes retirement saving and portfolio choice in the United States, Italy, and the Netherlands. In addition to relying on public retirement provisions, households prepare for retirement through tax-sheltered and after-tax savings. They may invest these funds in a wide variety of assets, including housing, stocks, bonds, savings accounts, and so on. These asset types differ in their risk, return, and liquidity characteristics as well as in their fiscal treatment. Economic theory postulates that housholds allocate their portfolios according to their risk aversion, time horizon, uncertain out-of-pocket medical expenditures, income risk, informal (family) risk-sharing arrangements, and more. While the literature has tested various parts of the theory, both testing and quantification of the theory are hampered by the fact that some of the major variables do not exhibit sufficient variation within a country to establish their relative importance for portfolio choice, or, more generally, for retirement saving and investment. This paper partially fills that gap by exploring three countries with widely varying institutional arrangements for retirement income. JF - Analyses in the Economics of Aging PB - University of Chicago Press CY - Chicago UR - https://www.nber.org/chapters/c10364 N1 - ProCite field 6 : In ProCite field 8 : ed. U4 - Cross Cultural Comparison/Retirement Saving ER - TY - RPRT T1 - The Size and Composition of Wealth Holdings in the United States, Italy, and the Netherlands Y1 - 2002 A1 - Arie Kapteyn A1 - Panis, Constantijn KW - Methodology KW - Net Worth and Assets AB - This report analyzes retirement-saving behavior and portfolio choice in the United States, Italy, and the Netherlands. The authors test hypotheses on the implications of institutional differences for wealth accumulation and portfolio composition. JF - RAND Unrestricted Draft PB - RAND Corp. CY - Santa Monica, CA UR - https://www.rand.org/pubs/drafts/DRU3002.html U4 - Wealth/Cross Cultural Comparison ER -