The Riester Scheme and Private Savings: An Empirical Analysis based on the German SOEP
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The Riester Scheme and Private Savings: An Empirical Analysis based on the German SOEP
Corneo, Giacomo | Keese, Matthias | Schröder, Carsten
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 129(2009), Iss. 2 : pp. 321–332 | First published online: October 03, 2017
41 Citations (CrossRef)
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Giacomo Corneo, Free University of Berlin, Department of Economics, Boltzmannstraße 20, 14195 Berlin, Germany.
Matthias Keese, Ruhr Graduate School in Economics, c/o University of Duisburg-Essen, Department of Economics – Chair of Public Finance, 45117 Essen, Germany.
Carsten Schröder, Christian-Albrechts-University of Kiel, Department of Economics, Social Policy and Health Economics, Wilhelm-Seelig-Platz 1, 24118 Kiel, Germany.
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Abstract
Since 2002 the German government has promoted private retirement saving plans by means of special subsidies and tax incentives: the Riester scheme. This policy mainly targets low-income households. Using data from the German Socio-economic Panel, we scrutinize the impact of the Riester scheme on private savings. The introduction of the Riester scheme is treated as a natural experiment. Estimation results cast some doubts on the effectiveness of the Riester scheme and call for enhanced efforts to evaluate that policy.